Consignment Collection

1. Product Definition

The consignment collection is a method of settlement where the payee entrusts the Bank to collect money from the payer. 

2. Product Features

Without restriction on threshold amount, the service of consignment collection can be handled both for local and non-local settlement. With two collection methods available, namely mail and telegraph, the service is for both enterprises and individuals. 

Subject to the approval of local PBC branch, the Bank can handle designated intra-city consignment collection for institutions of public utilities. 

3. Application Procedures

Entities and individuals can use the settlement method of consignment collection to handle the settlement of funds with the debt certificates of payer including accepted commercial drafts, bonds and deposit receipt. To handle the service of consignment collection, a customer must present to the Bank relevant documents or invoices and fill in the voucher of “Consignment Collection” (in quintuplicate), and affix the reserved seal to the third sheet.