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

1. The corporate creates the collection in ELCYmbp.
2. It then produces its own schedule/covering letter addressed to the counterparty's bank and sends this, together with the shipping documents, to the counterparty bank.
3. The corporate is responsible for all correspondence with the counterparty bank (i.e., collecting/presenting bank in ELCYmbp), for updating the status as necessary and the receipt and dispersal of funds.
4. If In Order, the corporate updates the collection to one of: Paid; Accepted; or Cancelled and may attach documents in the system at this point.
5. A Collection that has been Accepted can be amended to Paid subsequently if required.