Import documentary collection | Global Trade

An Import Documentary Collection is an exporter-initiated method of payment that requires the importer (out client) to make immediate or deferred payment. Shopping documents are presented by the supplier to the Bank and then released to the Importer against payment or a promise to pay at a future date.

Import Documentary Collection offers: International Acceptance, Issued at sight or term, and Extended payment terms when offered by suppliers.

The supplier lodges a completed Bill of Exchange and relevant shipping documents with their bank. CBA receives these documents and notifies its client (the importer) when they arrive. Banks are involved because they act as trusted third parties to ensure the supplier can exercise some control over the goods until such time as either payment is made or a promise to pay at a certain future date is provided. A document collection provides importers with evidence that their supplier has shipped the goods, and an opportunity to ensure the documents presented reflect that terms and conditions of the agreement have been met.

Learn how to complete a range of tasks to create and authorise import documentary collections

1. Select Trade
2. Select Notification and Response 
   All unread and un-actioned messages can be found in the Notification and Response queue. Users can access incoming messages by selecting the item from the inbox.

Users will receive all incoming Import Documentary Collections notifications in the Notifications and Response tab

Select a transaction from the list in the Notifications and Response tab by selecting the checkbox. The incoming Import Collection Notification screen will provide the following details:

• Customer ID – Unique number assigned to Client which is pre-populated
• Name – Name of the Client
• Bank Entity – Bank Branch Code that processed the transaction
• Attention – A user or group that should action on the incoming message is listed
• Message Status – For all the new transactions, the Message Status will be Unread, if the user clicks on “Mark Read” the status of the message will move to the Response Pending queue
• Message Received Date/Time – Date and Time when message was received
• Bank Bill Reference Number – Bill reference number assigned by the Bank
• Drawer Name and Address – Name and Address of Drawer
• Message Reference Number – System populated reference number
• CCY/Amount – Currency and Amount of the collection transaction
• Documents Against – This determines the collection type whether a Sight or a Usance Bill
• Incoming Narrative – The bank operating group provides any instructions regarding the collection transaction (for example, late goods shipment, missing transport documents, unclear images)
• Charges – This gives the summary of all charges
• Due Date – Latest date of payment on the transaction

After reviewing the incoming notification details, scroll to Response

1. Users can now select the Response tab to respond to the Import Documentary Collection Notification
2. The Response dropdown is used to select the response. The user can choose from the following options: 
   
   Accepted – Documents are accepted for payment in the future (Usance Transaction)
   Approved Payment – Approval to make a payment to the exporter
   Await Instruction – Indicate to Bank that further instructions will come at a later stage
   Rejected – Reject the transaction

Users can provide comments in Narrative field. The text can be selected from the Library Look Up: it can be inserted as free form text comment or copy and pasted into the Narrative field on the screen.

Select Submit for the response to be sent to the bank for processing. Users can choose any of the following options at any point:

• Respond Later – it cannot be selected when user is in Response Tab
• Submit – Saves the transaction
• Delete – Deletes the transaction
• View Documents – View documents on this Collections
• View Errors – View errors on this Collections
• Clear – Clears all the content entered by the user

1. Select Trade
2. Under Import Letter of Credit select the Authorise option
3. After the transaction is submitted by the maker, this transaction will be routed to the To Authorise queue and will require an Authoriser to approve the transaction before it is released to the bank for processing. This will be shown on the To Authorise tab
4. Once Authoriser reviews, they will have four options: To Authorise, Modify, Send to Repair and Delete.
   
   Authorise – Authorises the transaction and sends transaction for processing
   Modify – Opens the transaction for editing
   Send to Repair – Sends the transaction back to the maker for repair
   Delete – Deletes the transaction