SWIFT guarantees are sent electronically through the SWIFT network. The SWIFT network is a global messaging system that connects banks and other financial institutions around the world.
Paper guarantees are sent physically through the mail. The guarantee is sent as a physical document, such as a letter or a contract. The document contains all of the information about the guarantee, such as the amount of the guarantee, the beneficiary, and the guarantor, Expiry date and all other Guarantee details.
How to Handle in Rivo:
- Once you've arrived at the Rivo home page, look for the New option on the left side of the screen, where you'll find the Incoming guarantee module.
- As soon as you select the incoming guarantee option You will be taken to the initial page; click Start, then choose the type of guarantee you want to deal with ( ex: Bid bond )
- You must select the SWIFT radio button on the page displayed below if you receive an incoming guarantee in SWIFT format, Then hit continue
- You must select the Paper radio button on the page displayed below if you receive an incoming guarantee in Paper format, Then hit continue
- Once you've completed the above pages, follow the steps below. They are identical for both Formats (SWIFT, Paper) of incoming guarantees.