An Import Documentary Collection (IDC) is a payment method in which Sovereign Bank and the exporter's bank act as intermediaries in the collection of trade payments.
Typically, an IDC is a cost-effective alternative to a traditional L/C when both the importer and exporter are creditworthy and well known to one another.
The exporter's bank remits shipping documents to Sovereign Bank. We will then release these documents to the importer against payment in full.
- Buyer's bank and seller's bank act as intermediaries to facilitate payment
- You maintain control over authorizing payment
- Governed by internationally-accepted rules