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Closing
Transaction GITCAN
This transaction is used to cancel a guarantee for whatever reason. The “Reason for Cancelation” combobox allows the user to select the reason why the guarantee was canceled. This can include:
- Terms and conditions have been fulfilled
- Payment has been executed (was not handled by the application, however)
- A guarantee was replaced by a new guarantee
- The original guarantee was returned
- Message received releasing the party from its obligation
- Contract has not been allocated (if only a draft guarantee was made that did not result in an order)
- The validity of the guarantee has expired and it is not necessary to return the guarantee
If a guarantee is canceled due to a message being received releasing the party from its obligation, a distinction then needs to be made between partial (reduction) and complete release. If the amount concerned is the full amount open on the contract (complete release), the user can decide whether or not to cancel the guarantee. However, if the party is only partially released from its obligation, the contract is not canceled. In this case, the liability is not completely accounted for and the canceling transaction will have to be launched at a later point in time.
MT 769 :
- The contents of the incoming MT769 is mostly mapped in the panel “Advice of Reduction/Release”.
- The logic for outgoing message lies within the code and is not directly related to this panel.
- To be able to handle both single and multiple applicant scenario, “Tag 33B Amount Reduced or Released” is always filled from the “Liability” panel in the outgoing message.
- Field “TAG39C Amount Specification” in the “Cancelation” panel is only enabled for multiple applicant scenario.
Assignments
Detailed information on the processing of assignments can be found under “Assignments”.
Requirements
An existing Guarantee contract which is not closed.
Not allowed when there are pending claims.
Incoming Messages
| Channel | Description | MT | Description | Comment |
|---|---|---|---|---|
| G | DTA Guarantees | G12 | Request for Reduction or Release | |
| S | SWIFT | 769 | Advice of Reduction or Release | |
| S | SWIFT | 783 | Request for Guarantee/Standby Reduction/Release Index (Customer To Bank) | |
| T | TradeConnect | G12 | Request for Reduction or Release |
For incoming allNETT / RIVO messages see Overview of Incoming messages - allNETT / RIVO.
Transaction Control
Fees
All fees not yet settled for the contract are transferred to the Settlement Panel and set to 'Settle immediately'.
Commissions
Results of this Transaction
Diaries
For more information see TRNDIA Diaries.
| Action | Description | Diary | Follow-up Transaction | Comment |
|---|---|---|---|---|
| Completed | Delete all Diaries |
Updating/Storing of Amounts (CBS)
The open amount of the contract remains unchanged unless the reason why the guarantee was canceled concerned a message received releasing the party from its obligation (MT769). In this case, the amount given in the message as the “Amount Reduced”, is used to reduce the maximum amount, the open amount and the confirmed amount of the guarantee.
Liability (LIA)
All amounts posted to the liability are removed unless the reason why the guarantee was canceled concerned a message received releasing the party from its obligation (MT769). In this case, the liability is reduced by the amount given in the message as the “Amount Reduced”. With a partially confirmed guarantee, the amount booked out of the guarantee matches the proportion confirmed.
Outgoing Correspondence
Details on creation of messages can be found under DOCEOT Messages. For outgoing allNETT / RIVO messages see Overview of Outgoing messages - allNETT / RIVO.
Assignments messages will be created.
| Name of Message | Receiver | Message ID | SWIFT | SWIFT Score | TCO | DTG | Bolero | Comment |
|---|---|---|---|---|---|---|---|---|
| Advice of Cancelation | Applicant/Advising Bank Applicants side | GITAPL1 | 769 | 766<769> | G07 | G07 | 407 | If “Handling Type” / “Purpose of Message” is not 'Advise without confirmation' / 'ADVI' |
| Forwarding of Release | Applicant/Advising Bank Applicants side | GITAPL2 | If “Handling Type” / “Purpose of Message” is 'Advise without confirmation' / 'ADVI'. | |||||
| Confirmation of Cancelation | Issuing Bank/1st Advising Bank/Beneficiary | GITBEN1 | If “Handling Type” / “Purpose of Message” is not 'Advise without confirmation' / 'ADVI' or 'Guarantee received'. | |||||
| Acknowledgment of Receipt | Issuing Bank/1st Advising Bank/Beneficiary | GITBEN2 | If “Handling Type” / “Purpose of Message” is 'Advise without confirmation' / 'ADVI'. |
Release
Signature required
Transaction Panels
Cancelation
Advice of Reduction/ Release
Participation Sold
Assignment
DTAEA Fields
DTALC Fields
DTAG Fields
Liability
Settlement Details
Settlement
Bookings
Cash Cover
Completion
Incoming Tag 72/79
Messages
Compliance
Attachments
Fee Conditions
Cancelation
Datafields
| Datafield | Description |
|---|---|
| Own Reference | cf Appendix A, Table GID field OWNREF |
| Search for guarantees with enhanced search features. | |
| Currency | cf Appendix A, Table CBB field CUR |
| Maximum Guarantee Amount | This field contains the nominal amount of the undertaking. cf Appendix A, Table CBB field AMT |
| Currency | cf Appendix A, Table CBB field CUR |
| Open Guarantee Amount | This is the open guarantee amount. cf Appendix A, Table CBB field AMT |
| Purpose of Message (as from incoming message) | cf Appendix A, Table GID field PURPOSIN |
| Purpose of Message (for outgoing) | cf Appendix A, Table GID field PURPOS |
| Undertaking Type | cf Appendix A, Table GID field GARTYP |
| Expiry until | cf Appendix A, Table GID field EXPDAT |
| Expiry Type | cf Appendix A, Table GID field EXPTYP |
| Liable until | cf Appendix A, Table GID field LIADAT |
| Liability Type - Local Undertaking Seq. C | cf Appendix A, Table GID field LIATYPC |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Name | cf Appendix A, Table PTS field NAM |
| Reason for Cancelation | cf Appendix A, Table GID field PURCAN |
| Close Contract | Checking this box closes the current contract. |
Advice of Reduction/ Release
Datafields
| Datafield | Description |
|---|---|
| Date of Reduction or Release | cf Appendix A, Table GID field REDDAT |
| Account Specification | cf Appendix A, Table GIT field ACCSPC |
| Currency of Reduced Amount to be Paid | cf Appendix A, Table GID field REDCUR |
| Reduction Amount | cf Appendix A, Table GID field REDAMT |
| Amount Specification | cf Appendix A, Table GIT field AMTSPC |
| Currency Outstanding Amount | cf Appendix A, Table GID field OUTCUR |
| Open amount after reduction | cf Appendix A, Table GID field OUTAMT |
| Charges Deducted | cf Appendix A, Table GIT field CHADED |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Address Block | cf Appendix A, Table PTS field ADRBLK |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
DTAG Fields
Compliance
