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Gary Collyer
Email
gary@collyerconsulting.com
or
gcollyer@virginmedia.com
Telephone +44 (0)1268 680210
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Mailing address:
65A Mayland Avenue
Canvey Island, Essex SS8 0BU United Kingdom
Recent News
Automated Document Examination and Financial Crime Risks managed by AI
28/02/2024
For almost two years now I have been acting as a consultant to a company called Complidata who are based in Belgium...
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Winter 2023-2024 Newsletter added to the Members Trade Information section
01/02/2024
The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...
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Latest Question
Principal wants us to contact the collecting bank (Bank A in country X) to instruct them to remit the commercial documents and our collection instruction to another bank in country X (Bank B). Q1. Is the execution by the remitting bank of such instructions sound banking practice? In giving the above instructions, Principal wants / expects Bank A to effectively be removed from the transaction, whereby thereafter Bank B will correspond directly with the remitting bank. Q2. It is not clear to me in the context of URC 522 what role Bank B will have. Will it be that of a presenting bank or a ‘new’ collecting bank? From the viewpoint of Bank B, who is the instructing party, Bank A or the remitting bank? If Bank B considers Bank A to be their instructing party, they will correspond with Bank A (and presumably Bank A will not close their file). Q3. What is the correct way of fulfilling the request of the Principal? Is the only way for the commercial documents be returned by the collecting bank (Bank A) to the remitting bank so that the latter can make a subsequent, fresh remittance to Bank B, or is there another way involving less delay?
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