Group Collection is a direct-debit type instrument that allows customers you to initiate collection of receivables, which are typically of small value amounts and regular payments from your business partners and customers via the Giro system based on a one-time authorization. As a prerequisite for Group Collection your company has to register itself with Giro Clearing Center. The second prerequisite for Group Collections is that you receive authorization from your customers to send collection requests against their bank accounts through the Giro system. Your client has the right to set an upper limit to the amount to be collected and the expiry date of your authorization.
The number and the probability of non-payments and late payments are reduced and the company can have additional revenues by the regular incomings;
Fully automated reconciliation of your accounts receivables. In addition to the account statement and account statement file, where the payments for Group Collection are reported, Citibank generates structured electronic reports on transactions initiated, the incoming payments that were reconciled against to the original request, the rejected transactions and transactions that were closed due to non-response;
With enhanced control over your cash flow your company can manage its working capital more effectively.
Only via CitiDirect electronic banking system
Fully automated reconciliation of your accounts receivables. In addition to the account statement and account statement file, where the payments for Group Collection are reported, Citibank generates structured electronic reports on transactions initiated, the incoming payments that were reconciled against to the original request, the rejected transactions and transactions that were closed due to non-response;