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Documentary and Clean Collection

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 VTB Bank’s own correspondent bank network.

VTB Bank accepts financial documents such as promissory notes, cheques, and payment slips without the attached commercial documents from its clients, and collects their own promissory notes and cheques.

This payment method is particularly helpful for Russian importers (buyers). First, the buyer decides to pay for the goods supplied only after receiving the bank’s notification that the seller’s documents have been delivered. The importer can also inspect the seller’s documents to confirm that the goods meet quality standards before paying. Second, the buyer does not have to withdraw its foreign currency from operation, and can decline payment or acceptance in full or in part with the consent of the remitting bank.

The benefits for exporters (sellers) are less obvious because this payment method does not remove the risk of the buyer’s non-payment against the documents. However, the seller can minimise risk by including in the collection order the condition that the buyer’s ownership of the goods supplied will be suspended until the payment has been made in full.

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 VTB Bank regulatory documents.

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