Collection glossary

International collection is a simple way to handle payments, however some terms and expressions used may not be immediately familiar if you have not used international collections before.

You will find an explanation of relevant terms and expressions you may meet in connection with collections here.​

 

Glossary

Collection term Explanation
Acceptance  Written acceptance of a draft/bill of exchange against receipt of documents supplied on a D/A basis (see Documents against acceptance)
Airway Bill (AWB) Air transport document
At sight Payment with no period of credit 
Aval The bank's guarantee of payment of an accepted draft/bill of exchange
Beneficiary Recipient of payment
Bill of lading Sea transport document

More

Documentary credit glossary

If you are interested in documentary credit terminology, see the documentary credit glossary.

See glossary
Guarantee glossary

If you are interested in guarantee terminology, see the guarantee glossary.

See glossary
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