Group collection
Group Collection is a direct-debit type instrument that
allows customers
you to initiate collection of receivables, which are typically of
small
value amounts and regular payments from your business partners and
customers
via the Giro system based on a one-time authorization. As a prerequisite
for Group Collection your company has to register itself with Giro
Clearing Center. The second prerequisite for Group Collections is
that you receive authorization from your customers to send collection
requests against their bank accounts through the Giro system. Your
client has the right to set an upper limit to the amount to be collected
and the expiry date of your authorization.
Benefits of using Group Collections:
- The number and the probability of non-payments and
late payments are reduced and the company can have additional
revenues by the regular incomings;
- Fully automated reconciliation of your accounts
receivables. In addition to the account statement and account
statement file, where
the payments for Group Collection are reported, Citibank generates
structured electronic reports on transactions initiated, the incoming
payments that were reconciled against to the original request,
the
rejected transactions and transactions that were closed due to
non-response;
- With enhanced control over your cash flow your company
can manage its working capital more effectively.
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| Instructions can be initiated |
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| Transaction fees and costs
AND Cut-off times |
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