Collection services is a common method....

Collection services is a common method of payment for the value of goods in international trade. According to Uniform Rules for Collections (URC 522), collection refers to the banks’ initiation to process documents (either financial or commercial) as instructed by the merchant.

  • for obtaining or acceptance of payment
  • for submitting documents in exchange for payment or acceptance
  • for submitting documents based on other terms.

Cyrus Bank offers various collection services based on Uniform Rules for Collections (URC 522) as well as Iran’s Central Bank’s current regulations.