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In collection transaction JSC “PIRAEUS BANK ICB”act as an agent and operates as an intermediary between the seller and the buyer. This payment form should be used when the seller and the buyer trust each other.
Collection – the payment method pursuant to it the bank hands over the set of documents (certifying goods shipment, work execution, services performing) to the payer against payment/money transferring from the payer in favor of payee. The bank acts strictly according to instructions in the collections order and doesn’t have to pay for its own funds.