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Help Party Model -Import L/C
Parties
| Role | Description | Usage as temporary address allowed? | Address Type | Stoplevel | Automatic copy of address from database contract allowed? | Only main address to be used? |
|---|---|---|---|---|---|---|
| BEN | Beneficiary | Y | FOC | 3 | M | |
| ADV | Advising Bank | B | 3 | M | ||
| APL | Applicant | C | 1 | M | ||
| INI | Initiating inst. | Y | B | 3 | M | |
| RMB | Reimbursement Bank | B | 3 | M | ||
| A2B | 2nd Advising Bank | Y | B | 3 | M | |
| AVB | Available with Bank | Y | B | 3 | M | |
| DRW | Drawee (DRW) | Y | CB | 3 | M | |
| OAP | Old Account Party | C | Z | |||
| CON | Confirming Bank | Y | B | 3 | M |
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? |
|---|---|---|---|---|---|---|
| TP0 - T20 | Third parties | Y | 3 | M |
Beneficiary
The beneficiary is the party, in whose favor the L/C is opened. Usually, the beneficiary is not a customer of the bank using the application and is therefore not available in the static data. This data can be entered manually in the application and can be stored as a temporary address.
Advising Bank
Usually, the advising bank is the correspondence bank abroad of the issuing bank (bank using the application) and is normally in the country of the beneficiary. It is usually available in the static data of the bank. This information also includes all account-relevant data relating to this bank.
Applicant
The applicant requests the opening of the import L/C and is a customer of the issuing bank (bank using the application). As such, the applicant should already be available in the static data of the bank using the application (or should be entered, if the applicant is a new customer). In addition to the address, other relevant information such as account or limit have to be stored. This Information will be used in the contract afterwards.
Initiating inst.
If there is a separate initiating institute, it can be entered here. In most cases, the initiating institute is the housebank of the applicant, which has no foreign trade business.
Reimbursement Bank
The reimbursing bank is one of the correspondence banks of the issuing bank with direct account relationship. Usually, the issuing bank keeps accounts with the reimbursing bank in foreign currencies. The reimbursing bank can be specified, if the L/C has been advised in a foreign currency (for the issuing bank). At maturity, the bank using the application can reimburse the reimbursing bank for liabilities.
2nd Advising Bank
If the applicant specifies the applicant's bank in the opening request, but the issuing bank works together with another bank in the country of the beneficiary, the applicant's bank can be entered as 2nd advising bank. In this case the issuing bank sends the L/C to their correspondence bank (1st advising bank) and instructs that correspondence bank to advise the L/C to the beneficiary via the 2nd advising bank.
Available with Bank
L/Cs specify the bank where the L/C can be utilized. This can be the advising bank, the issuing bank or a third bank.
Drawee (DRW)
In the case of a bill transaction/draft this is the party, on whom the draft is to be drawn (the payer).
Old Account Party
This party is not a party to the underlying foreign trade transaction.
This is required for internal operations of the application in order to secure the correct booking of liabilities, should the liability party be changed.
Third parties (TP0 - T20)
Other parties that cannot be entered in any other place can be specified as third parties in the application. Outgoing messages can be sent to these parties. Third parties can be entered on panel “Parties” under “Additional Parties”.
Confirming Bank
This field contains the bank which is requested to add its confirmation or may add its confirmation to the Letter of Credit.
