Depending on the financing type the parties of the parent contract are used in the loan contract:
Financing Type | Parent Contract | Financed Party (FIP) |
---|---|---|
Clean Loan Bankers Acceptance ECR Financing | None (Standalone Financing) | Free selection of a database address |
Trust Receipt Loan | Import Collection (BC) 'Create Financing' via transaction Accept and Settle Documents/ Settle Usance Documents at Maturity | Drawee (DRE) of Import Collection |
Trust Receipt Loan | Import L/C Document Set (BR) 'Create Financing' via transaction Send, Accept and Settle Documents/ Settle Usance Documents at Maturity | Applicant (APL) of the Import L/C |
Internal Refinancing | Import L/C Document Set (BR) 'Create Financing' via transaction Send, Accept and Settle Documents | Applicant (APL) of the Import L/C |
Refinancing | Import L/C Document Set (BR) 'Create Financing' via transaction Send, Accept and Settle Documents | Applicant (APL) of the Import L/C |
Packing Credit | Export L/C (LE) | Beneficiary (BEN) of the Export L/C |
Export Loan | Export L/C Document Set (BE) 'Create Financing' via transaction Send, Accept and Settle Documents/ Settle Usance Documents at Maturity | Issuing Bank (ISS) of the Export L/C |
Trust Receipt Loan | Transfer Bills (BT) 'Create Financing' via transaction Send, Accept and Settle Documents/ Settling Funds | Issuing Bank (ISS) of the Export L/C |
Role | Description | Usage as temporary address allowed? | Address Type | Stoplevel | Automatic copy of address from database contract allowed? | Only main address to be used? |
---|---|---|---|---|---|---|
RMB | Reimbursement Bank | 3 | ||||
FIP | Financed Party | 3 | M | |||
ISS | Issuing Bank | 3 | ||||
OAP | Old Account Party | Z | M | |||
INV | Invoice Party | Y | 3 | |||
RFB | Refinancing Bank | B | 3 |
additionally
Role | Description | Usage as temporary address allowed? | Address Type | Stoplevel | Automatic copy of address from database contract allowed? | Only main address to be used? |
---|---|---|---|---|---|---|
IN1 - IN5 | Additional Invoice Parties | Y | 3 | M | ||
TP0 - T20 | Third parties | Y | 3 | M |
This party is required if a reimbursement is claimed under the financing of export documents. The party can be created in the settlement transactions for export documents ('Sending and Settling Documents' or 'Settling Funds').
If an associated parent contract is at hand, the financed party will be defaulted (e.g. the applicant of the import L/C, the drawee of the import collection or the beneficiary of the export L/C). In the case of a credit, the user has to enter the financed party manually. Depending on the finance type there are various financed parties.
The issuing bank under the L/C is the financed party under the export loan. In the case of a reimbursement/reimbursement claim under an export loan or under a Packing Credit, the issuing bank is specified in message MT 742 (mandatory field).
This party is not a party to the underlying foreign trade transaction.
It is required for internal operations of the application in order to secure the correct booking of liabilities, should the liability party be changed.
The recipient of the invoice, who pays the invoice on its due date.
In the case of a refinancing transaction, the refinancing bank is the advising bank under an import L/C. The refinancing bank refinances the bank using the relevant application, which simultaneously grants a loan to the applicant for the L/C.
Parties that are not captured anywhere else may be captured as third parties.
Outgoing messages can be sent to these parties. Such third parties can be captured in the “Additional Parties” field on the “Parties” panel.