Introduction

Local Bank Collection Account is a comprehensive fund management solution launched by PayerMax, integrating "collection, management, conversion, and payment" functions. Leveraging PayerMax's global payment network, banking network, and payment license capabilities, customers can receive local currency payments through the services provided by PayerMax's partner banks without the open a local bank account. PayerMax provides collection services on behalf of customers.

The "Local Bank Collection Account" can help customers achieve flexible local currency collection, global payments, and multi-currency fund management worldwide. It solves the payment challenges encountered by enterprises expanding internationally and facilitates convenient, fast, and flexible local collection for businesses. It provides an all-in-one fund service solution for industries such as foreign trade, e-commerce, digital entertainment, and cross-border logistics.

1. Business Scenario

When expanding into emerging markets such as Southeast Asia and the Middle East, overseas enterprises often face significant challenges when it comes to large payments, especially when collecting substantial amounts from overseas distributors, cash on delivery service providers, and business partners：

Cumbersome reconciliation: Severe disconnect between information flow and fund flow; manual reconciliation is time-consuming and labor-intensive

Cost disadvantage: Lack of large payment channels; high payment processing fees and currency exchange costs

Financial risk: Unclear payment and fund transfer links; existence of audit risks

For the above scenario, PayerMax's Local Bank Collection can effectively solve the problem of large-scale collection for businesses. The supported currencies and account attributes for PayerMax's Local Bank Collection are as follows:

Local account: PHP、IDR、HKD

Global account: USD、CNH

2. Product Advantages

Cover emerging markets: Supports Local Bank Collection in various scenarios in Southeast Asia, the Middle East, and other markets

Convenient and Efficient Application: Low application threshold, instant application and use, customized account name

Fast and Secure Settlement: Direct connection to local clearing networks, which ensure timely and secure fund transfers

3. Product Function

Account Type	Country	Supported Currencies	Transfer Methods	Time limit for receiving funds
Local Account	Philippines	PHP	InstaPay	Real time
			PESONET	(1) Transfers sent before 3:00pm on the same day will be received on the same day. (2) Transfers sent after 3:00pm on the same day, or on weekends or holidays, will arrive on the next business day.
			Over the counter	Real time
			RTGS	Real time
	Indonesia	IDR	LLG/SKN	Same-day payment
			Realtime Online	Same-day payment
			RTGS	Same-day payment
	South Korea	KRW	Local KFTC	Real time
Global Account	Hong Kong	USD/CNY/HKD	Book Transfer (BT)	Same day
			Automated Clearing House (ACH)	T+1
			Instant Bank Fund Transfer (IBFT)	Real time
			Real Time Gross Settlement (RTGS)	According to the processing time of the receiving bank, the payment will generally be received in real time on the same day.
			International Telegraphic Transfer (TT)	Depends on the bank
	Denmark	EUR/GBP	/	Real time