This article gives you detailed information about each field on the LC application screen, guiding you through the diverse steps of initiating and processing Trade Finance transactions.
Initiation Stage: New Import LC
The users can Initiate a new Letter of Credit request by accessing the new menu bar located on the left side panel.
- Navigate to Import LC and select "Start".
Basic Details: References, Dates, Amounts
The following table describes each field: Bold fields are Mandatory
| No. | Field | Description | Comment / allowed values. |
| 1. | Applying unit | The corporate (or their sub unit) who requests the LC. | Select a unit/Sub unit from the drop-down menu. |
| 2. | My bank | The Bank (or their sub unit) who will Issue the LC. | Add new/ Select the Bank from the drop-down. |
| 3. | Applicant reference | The applicant unique reference number. | This field accommodates a 17-character alphanumeric string. |
| 4. | Expiry date | The latest date of presentation under documentary credit. | dd/mm/yyyy |
| 5. | Place of expiry | Where document may be presented. | Alphanumeric string |
| 6. | LC amount and currency | The amount and currency code. | Field support for amounts up to nine billion is provided. |
| 7. | Tolerance | Any additional amount available to the beneficiary under the credit. State as + and - percentages. | Support for two-digit field entries. |
| 8. | Additional amount details | any additional amount available to the beneficiary under the credit. | Permitted within 140 characters. |
Participants Details: Beneficiary, Advising Bank.
Provide the details based on the description in the following table:
| No. | Field | Description | comment/ allowed Values |
| 1. | Beneficiary Name | The party in favour of which the documentary credit is being issued. | Select a Beneficiary from the drop-down menu. |
| 2. | Legal entity ID | The LEI number of the organization (if applicable). | |
| 3. | Address | The address of the Beneficiary. | |
| 4. | Contact person | The Contact person details if any. |
Provide the details based on the description in the following table:
| No | Field | Description | Comment / Allowed values |
| 1. | Advising Bank Name | The Bank through which the documentary credit is to be advised/confirmed to the beneficiary. | Select a Bank from the drop-down menu. |
| 2. | Legal Entity ID | The LEI number of the organization (if applicable). | |
| 3. | Address | The address of the Advising bank. | |
| 4. | BIC | The SWIFT Business Identifier Code (BIC) code of the advising Bank. | Support for an 11-digit alphanumeric code. |
LC Details: Availability & Settlement, Shipment Details, Additional Details, Goods/services Details and Attachments
Provide the details based on the description in the following table:
| No | Field | Description | Comment / Allowed values |
| 1. | Available with |
This field identifies the bank with which the credit is available. |
|
| 2. | Available by | This field indicates the payment tenor type |
|
| 3. | Draft drawn on | on which party draft drawn on. |
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| 4. | Draft at | The tenor of drafts to be drawn LC. Provide the draft details. | Permitted within 105 characters. |
| 5. | Applicable Incoterm | This field designates the allocation of charges and specifies who bears the responsibility. | |
| 6. | Incoterm place | It is typically followed by a location to further clarify the responsibilities of the parties involved. | Alphanumeric string supports 36 characters. |
| 7. | Freight details | Choose one of the following values from drop down. |
|
| 8. | Incoterms Version | The version of Incoterm |
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Shipment Details:
Provide the details based on the description in the following table:
| No | Field | Description | Comment / Allowed values |
| 1. | Partial shipment | whether or not partial shipments are allowed under the documentary credit. |
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| 2. | Transhipment | whether or not transhipment is allowed under the documentary credit. |
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| 3. | Shipment from | the place of taking in charge (in case of a multimodal transport document), the place of receipt (in case of a road, rail or inland waterway transport document or a courier or expedited delivery service document), the place of dispatch or the place of shipment to be indicated on the transport document. | Permitted within 140 characters. |
| 4. | Port/Airport of departure | the port of loading or airport of departure to be indicated on the transport document. | Allowed within 140 characters. |
| 5. | Port/Airport of destination | the port of discharge or airport of destination to be indicated on the transport document. | Permitted within 140 characters. |
| 6. | Shipment to | the latest date for loading on board/dispatch/taking in charge. | Allowed within 140 characters. |
| 7. | Shipment Period | the period of time during which the goods are to be loaded on board/despatched/taken in charge. | Permitted within 140 characters. |
| 8. | Latest date of shipment | the latest date for loading on board/dispatch/taking in charge. | dd/mm/yyyy |
Additional Details
Provide the details based on the description in the following table:
| No | Field | Description | Comment / Allowed values |
| 1. | Is the LC transferable | The LC is transferable or not. |
|
| 2. | Select the applicable rules for this LC | Applicable Rules must contain one of the codes apply to LC, choose one of the following values from drop down. |
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| 3. | Day and period for Presentation | the number of calendar days after the date of shipment within which the documents must be presented for payment, acceptance, or negotiation. Narrative must only be used to specify another type of date than a shipment date, for example invoice date, from which the period for presentation begins. | Role- Support for two-digit field entries. Period of Presentation - Support for 48 characters. |
| 4. | Select the confirm Instruction | This field contains confirmation instructions for the requested confirmation party. |
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| 5. | Charges by | This field may be used to specify who will pay any charges. |
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| 6. | Additional participants | additional entities that may be part of the LC process, like shipping agent, local advising bank, Freight forwarder. |
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Goods/services Details
Provide the details based on the description in the following table:
| No | Field | Description | Comment / Allowed values |
| 1. | Details about the Goods and/or Services | A description of the goods and/or services. | Allowed within 6500 characters. |
| 2. | Details about the Documents Required | A description of any documents required. | Permitted within 140 characters. |
| 3. | Enter the Additional Conditions | A description of further conditions of the documentary credit. | Allowed within 140 characters. |
Attachments
where you have the option to include the documents.
Review & Sign
This fields specifies Review and endorse the document page.
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