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| To assist SMEs in trade transactions, financial institutions also provide payment services. The Outward/Inward Bills for Collection (OBC/IBC) service is as follows: |
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| Things I Should Know |
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| What Else Can I Do? |
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| Usage |
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| Assists customer in making payments for trade transactions. |
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| Features |
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Documents are channeled through the financial institution with specific instructions |
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Financial institutions handle documents on instructions received to: |
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- Obtain acceptance and/or payment |
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- Deliver commercial documents against acceptance and/or against payment |
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- Deliver documents on other terms and conditions |
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| Benefits |
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| For buyers: |
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A safe method as payment can be deferred by the buyer until the goods arrive |
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Customers will have time to inspect the documents before paying/accepting |
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| For sellers: |
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Documents of value are not released to the buyer until payment or acceptance has been affected |
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Can seek legal remedy in case of non-payment on maturity date |
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Download
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For more information on trade services or other financing products such as asset acquisition, working capital and trade financing , please download our booklet on
SME- Financing Products For Your Business. |
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