Business partners who have been working together for a long period of time and enjoy a degree of mutual trust can benefit from a simplified option for their settlements: documentary collection.
Depending on the type of document involved, there are two types of collection:
- Clean collections are collections of financial documents (promissory notes, cheques, payment slips, etc) without attached commercial documents (invoices, and shipping and insurance documents).
- Documentary collections are collections of financial documents, which may have attached commercial documents, or collections of commercial documents without financial documents.
The benefits of bank collections include enhanced reliability compared to regular money transfers, as the documents are not released to the buyer before the payment is made, and also the guaranteed delivery of documents to the importer. In bank collection, sending documents through the bank guarantees their security until the payment has been made by the importer. The documents’ safekeeping is strengthened through the use of Sberbank’s own correspondent bank network.
International payments via documentary and clean collection are performed in accordance with international banking practice, such as the ICC Uniform Rules for Collections, as well as Sberbank regulatory documents.