A pilot program to simplify cross-border trade settlements in Qingdao has processed 29,000 transactions worth $4.86 billion in its first 100 days, helping businesses cut paperwork, speed up payments, and reduce costs.

Launched on July 15, the program had expanded to 13 banks and 560 eligible companies by Oct 23.

The pilot introduces seven measures to streamline foreign exchange transactions. Eligible businesses can now make certain payments by submitting instructions directly to banks, eliminating the need for case-by-case checks of paper documents.

For Qingdao-based manufacturer Yikai New Materials, which regularly imports raw materials from Vietnam and Thailand, the simplified procedures have significantly shortened settlement times. The company has processed $3.5 million in transactions under the program.

Other measures ease procedures for cross-border refunds, foreign exchange services for employees working across borders, and centralized cash management by multinational companies.

Tire manufacturer Sailun Group recently completed a $5 million transaction through its multinational cash pooling arrangement under the pilot. The company estimates that fully implementing the measures could improve its capital turnover efficiency by 30 percent.