Monitoring and managing the status of these deals is crucial for businesses. In this article, we will delve into the concept of transaction deals, explore the significance of deal status changes, and provide insights into the process of changing deal statuses.

Changing the status of a transaction deal involves a systematic process to ensure accuracy and consistency.

Our workflow adheres to a four-eye concept, which incorporates the active participation of both a processor and an approver. 

To provide a more detailed understanding of the authority levels for changing deals:

The status will begin with the term Business Transactions, which can include variations such as Issuance, Amendment, Claim, or Settlement.

Corporate Processor

When a Processor user fills out the contract request, the status is changed to "In Process"

Upon the user signing the contract, the status undergoes a change to " To Sign"

After the status is updated to "Extend/Pay Received," the Processor user has the ability to either pay or extend. If they choose to pay, the status will change to "Settlement - To sign"

Once the status is changed to "Extend/Pay Received," the Processor user gains the option to either make a payment or an extension. Opting for an extension will result in the status being updated to "Extend - To sign"

Corporate Approver

Financier/Bank User-

Note that as a corporate user, if my bank is not integrated with RIVO, my role as a financier affords me equal privileges to that of a bank user when it comes to modifying the status.

Upon the Bank user signing the contract, the status transitions to "Issued"

 In the event of a bank user rejecting the contract, the status transitions to "Rejected"

When a bank user initiates a claim on a contract deal, the status is changed to "Claim Received"

Once a bank user makes the payment against the received claim, the status is updated to "Claim Settled"

When a bank user claim to extend, the status is updated to "Extend/Pay Received"

Once the Bank user releases the contract deal with the status "Settlement - Approved," the status will then change to "Claim Settled"

When the Bank user finalizes the contract deal with the status "Extend - Approved," the status will subsequently change to "Extended"

When a corporate user submits the document and the deal status is updated to "Document Presentation Approved" the bank user releases the presentation and the status changes to "Doc Presented"

After the document checking process under status Doc Presented, the status will be updated to either "Doc Processed Clean" or "Doc Processed Disc" based on the provided checking updates.

The Banks/Financier have right to close the deal for specific reasons also condition of expiry type in fixed. To close a deal, where the deal Status is mentioned as "Issued [Issuance/Amendment/.../]", then the status change to closed

Also read The "Financier" role of RIVO