In an Export Documentary Collection (EDC), Sovereign Bank acts as an intermediary to control and expedite payment for export transactions.
Typically, an EDC is used when both the importer and exporter are creditworthy and are well known to one another.
This service allows you to send documents directly overseas, helping you save time and get paid faster.
Benefits
- Sovereign Bank acts on your behalf in an Export Documentary Collection
- Security of having documents and payment controlled by intermediary banks until payment is made or draft processed
- Less expensive than an Export Letter of Credit
- Convenient option of initiating Direct Collections via the Internet with SovTrade® IQ
