This transaction BOTSCC records collection data, compiles the cover letter or collection message and sends it to the collecting bank.
Under bilateral agreements, banks need only to send an electronic message containing all information relevant to the financial document(s). The drawee knows about the documents drawn against him and will pay against a receipt from his bank. In this way, transactions can be handled much faster and much more economically compared to paper documents, that have to be mailed via the collecting bank to the drawee abroad.
As an alternative, the instructing party can be paid under reserve. The amount paid must correspond to one or all of the financial documents. For the sake of simplicity, the application only allows the payment of the full collection amount under reserve.
If the checkbox “Payment under Reserve” in this transaction is checked, a payment under reserve will have been already issued when opening the contract (payment to presenting party, debiting the own internal account). The payment under reserve is settled again in the payment transaction by debiting the own internal account.