Have a look at this website, as it provides information on the various duties that a collecting banker has, focusing mainly on a legal point of view: http://law.onecle.com/michigan/440-uniform-commercial-code/mcl-440-4202.html . It also provides a list of different state laws that you may also wish to view, as these could come in useful depending upon your needs.
A collecting bank can be seen as the middle man of banks.
For example, if somebody was to pay for a product online, then a bank known as the buyer's bank would collect the payment from them, in exchange for the documents and papers, such as the Bill of Lading, that allow the buyer to accept the delivery of the product.
It is then down to the collecting bank to forward this payment, which it receives from the buyer's bank, to the seller's bank, so that eventually the seller may receive the money they are due for their products and services.
There are many different forms of banks in the world, all with different purposes and therefore different benefits to its owner.
The modern concept of banks can be located back to early Renaissance Italy, where it was a feature found only in the rich cities, such as Venice, Florence and Genoa.
In the 14th century, two families known as Bardi and Peruzzi, controlled the majority of Florence's banking occurrences, and it was them that expanded the idea into many different parts of Europe.
Medici, probably one of the most famous banks of medieval Italy, was created by Giovanni Medici in 1397.
In 1407, the Bank of St. George was founded in Genoa, and is most likely to be the earliest established state deposit bank in the world.
- What is a collecting bank?
A collecting bank can be seen as the middle man of banks.
For example, if somebody was to pay for a product online, then a bank known as the buyer's bank would collect the payment from them, in exchange for the documents and papers, such as the Bill of Lading, that allow the buyer to accept the delivery of the product.
It is then down to the collecting bank to forward this payment, which it receives from the buyer's bank, to the seller's bank, so that eventually the seller may receive the money they are due for their products and services.
- About banks in general
There are many different forms of banks in the world, all with different purposes and therefore different benefits to its owner.
The modern concept of banks can be located back to early Renaissance Italy, where it was a feature found only in the rich cities, such as Venice, Florence and Genoa.
In the 14th century, two families known as Bardi and Peruzzi, controlled the majority of Florence's banking occurrences, and it was them that expanded the idea into many different parts of Europe.
Medici, probably one of the most famous banks of medieval Italy, was created by Giovanni Medici in 1397.
In 1407, the Bank of St. George was founded in Genoa, and is most likely to be the earliest established state deposit bank in the world.
