The scheme for payment by documentary collection is as follows:
The seller ships goods to the buyer.
The seller sends documents for collection to its bank.
The seller's bank sends documents for collection to the buyer's bank.
The buyer's bank upon payment of the collection amount by the buyer or upon acceptance of a bill of exchange transfers documents to it.
The buyer's bank pays the seller's bank.
The seller's bank pays the seller.
DnB NORD bankas :
Accepts documents for collection;
Advises customers about received documents for collection;
Provides advice on any issues related to documentary collection.
Documentary collection transactions are executed in accordance with the Uniform Rules for Collections (ICC publ. No. 522) issued by the International Chamber of Commerce.