Local collection is the receipt of customer or business payments through domestic account details or a local payment route in the payer's market. The service may reduce the need for the payer to send an international transfer, but availability and account structure vary by provider and jurisdiction.
Quick reference for Local collection
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Local collection and nearby terms
- Local bank details: Local bank details are account and routing details formatted for receiving payments through a country's domestic banking system.
