In general, it is becoming more typical for guarantees to be sent electronically in a standardized format called SWIFT message format.
However, guarantees can still be written in paper form, particularly when the parties are less experienced users of electronic banking and communication systems. The guarantee may be physically handed to the bank in such instances, or it may be transmitted by ordinary mail or courier service.
How to Register it in Rivo (as a Bank user):
Rivo offers the possibility to enter incoming guarantee information received in SWIFT and paper format on the same page.
- 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 )
- Once you have completed the first two stages, start keying in the information on the next pages.