Once you have sent the collection to the bank, the workflow is as follows:

1. The bank will authorise the collection, adding its Remitting Bank Reference.
2. The corporate can now print off the Collection schedule/covering letter with bank’s logo.
3. The corporate can then send the Collection schedule/covering letter, together with the documents, to the buyer’s bank and update the transaction workflow to “Documents Dispatched”.
4. The bank then updates the status to “In order” or “Refused” as appropriate.
5. If In Order, the bank updates the collection to one of: Paid; Accepted; or Cancelled. The bank may attach documents in the system at this point.
6. A Collection that has been Accepted can be amended to Paid subsequently if required.