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Entering Payment Instructions for Collection Deals

When the bank receives documents for Collection on Sight basis the deal appears in the Payment/Acceptance section in the inbox. This enables you to authorize the bank, via TFO to make payment for the documents.

Note: For documents on Time basis, TFO is not used to convey instructions since you are required to sign and return the physical draft. Time means that the value of the collection deal is payable on a specified date (Due Date), or after a period of time (Tenor Days) and some condition has been fulfilled (Draft After). In case of a collection on time basis, it is handled outside TFO.

To specify payment instructions, select a Collection deal and click the pay icon with a dollar sign. The following list describes the fields in the Collection List Window:

  • Invoice No - the reference number of the invoice
    or the remitting bank's reference number.
  • Deal Number - a unique deal number specified by the bank.
  • Ccy - the currency in which the Collection is expressed.
  • Amount - the value of the documents.
  • Remitting Bank - the bank of the beneficiary
  • Date – the date when Swedbank processed the collection and it appeared in TFO.

Defining Payment Instructions for Collection Deals

The Payment Instructions Window displays details for the selected Collection. The Payment Instructions Window enables you to:
• Define account details.
• Reject the documents.
• Include additional Collection instructions.

Defining Account Details for Collection

The Customer Account Details Window enables you to specify payment details. You can define that all amounts are debited to a specified account, or that amounts in local and foreign currencies are taken from different accounts. To enter account details, click the Account Details scroll down list and choose account..

Enter additional instructions in the free format text window.

Rejecting a Collection

To reject the documents, click the Reject icon, with the crossed dollar note. The Payment Window becomes protected. Use the free format text window to explain the reason for rejecting the documents.

View/Print Bank Payment Request

To view the information that has been received from the bank which is related to the payment request, click the link “imp col receive”. In the next window you can see all texts related to the collection. You can also find this information under Incoming correspondence.

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