Overview:

'Export Letters of Credit' are the most common trade finance method used to finance exports.

An Export Letter of Credit, which is also referred to as documentary credit, is a contractual agreement on the part of the the issuing bank, on behalf of an importer, promising to pay the beneficiary or exporter provided conditions specified in the Letter of Credit have been satisfied.

Benefits:

• There will be a better working capital and controlled cash flow for the exporters.
• Mitigate Importer default risk in non payment.
• Assurance of buyer’s bank payment to seller through seller’s bank on presentation of required documents as per LC.

How Export LC registered in RIVO

The RIVO registered users[Corporates/Banks] are allowed to register a new Export LC.

For Corporates: 

To Register a new export LC, you will need:

To start, go to the Home screen click on the New [+] icon, and select the Export LC option. Now click on Start to enter the LC details manually and then navigate through all the screens giving the correct information.

We also have another option to pre-populate the fields from the document uploaded. 

For Advising Bank: 

To Register a new export LC, you will need:

To start, go to the Home screen and click on the New [+] icon and select the Export LC option. Now click on Start to enter manually the LC details and then navigate through all the screens giving the correct information.

The Summary pop-up of the export LC Issuance will include basic details concerning the export LC.

The Summary details and Collaboration will be displayed on the side during processing of the Export LC transaction. 

There will be an context menu available in the dashboard card view with the relevant options for the below status (View, Duplicate, Edit, Delete, Archive and Link) where the user can select the options based on the status of transaction.

The Dashboard filter for Export LC product is also used to register directly a new Export LC by click on '+' icon,