In trade finance, a cover letter serves as a formal communication between a company and a financial institution (such as a bank) or a trade partner. Its primary purpose is to provide a clear and concise overview of the request or transaction, ensuring all parties understand the context and required actions.

Setting up a cover letter in RIVO

The administrator of RIVO can create a cover letter by selecting the Administrator menu on the left, then selecting Document templates, and finally selecting Cover letter templates.

Create a new template by clicking Add New:

Fill out all of the mandatory details:

• Template Name: Name of template.
• Product: The user can choose from Outgoing Guarantee, Export LC, Import LC, Outgoing Standby LC, or Incoming Guarantee/SBLC.

• Product Type (required): Undertaking type (e.g., Bid Bond, Performance, etc.).

• Transaction Type: Transaction step (Issuance, Amendment, Reduction, or Doc Presentation). The transaction type will be available for selection depending on each product:

Outgoing Guarantee: Issuance, Amendment, Reduction

Incoming Guarantee (by beneficiary): Issuance, Amendment

Import LC: Issuance, Amendment

Export LC (by beneficiary): Issuance, Amendment, Doc Presentation

Outgoing Standby LC: Issuance, Amendment

Incoming Standby LC: Issuance, Amendment

• Language: Select from English, Dutch, German, French, Spanish, Japanese, Chinese, Russian, Italian, and Netherlands.

Text Editor:

When creating a cover letter, users can easily type or paste their text into the Rich Text Editor. This tool allows users to customize their letters by adding images (like company logos), creating bullet points or numbered lists, and organizing content using columns for a cleaner layout. In order to ensure correctness and save time, users may also include placeholders (Deal Value) that automatically fill in crucial information like the product name or deal reference.

Edit/Delete Template:

• The user can edit the existing template using the contex menu.
• Users can delete an existing template with the "Delete" option on the context menu. When deleting, the user will get a confirmation message to confirm the action: "Are you sure you want to delete [template name] details?"

Viewing the cover letter in the contract

• The cover letter will be created as a PDF and attached to the relevant transaction once the deal is in the Issunace Approved  Status.
• The file is available for download or sharing via the share option (sharing is only feasible if the documents' privacy is public).
• The privacy setting will be set to Private by default.

• The user can adjust the privacy of the document by viewing the transaction using the view option and changing the privacy settings in the attachment area.