A device and method for the collection of umbilical cord blood during obstetrical delivery are disclosed. A pouch is attached to an obstetrical drape in a location convenient for filling with cord blood. The pouch includes a canal for the umbilical cord to be inserted into the pouch, and a sealing closure. The pouch may contain an anti-coagulant. One embodiment includes multiple compartments with various blood-treatment substances. After filling the pouch is closed and removed from the drape. The blood can be used for a variety of hematologic laboratory tests and for long term cryo-preservation for a stem cell transfusion to infants and adults.