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Opening a Transfer L/C
Transaction LTTOPN
This transaction is used to transfer a transferable L/C under an export L/C to a second beneficiary. In doing so, the data of the export L/C (e.g. amount, date and location of maturity, etc.) are copied into the according fields of the transferred L/C and can be adapted there.
Note: A transfer can only be created, if one of the 'transferable' options has been selected in transaction “Advising/Confirming an Export L/C” under “Form of L/C” .
The amount of a transferable L/C can be at most the amount of the open amount of the export L/C, i.e. the open amount of the L/C is the default value for the nominal amount of the transfer. A transfer is not possible, if the open amount of the export L/C is already (over)utilized.
In order to avoid exceeding, the amount and date fields like validity and the last shipment date are checked against the conditions of the export L/C (compliance to article 48h of UCP 500).
As long as the available total amount under the export L/C is not exceeded, it is possible to have multiple transfers to several second beneficiaries.
A reimbursement bank can be entered, if the checkbox “Reimbursement Information” is checked.
Assignments
Detailed information on the processing of assignments can be found under: “Assignments”.
Syndications
Furthermore, syndications can be handled on the homonymous panel. Detailed information about syndications can be found under “Participations Sold (Syndications)”.
Requirements
This transaction creates a new Transfer contract.
Therefore no existing Transfer contract can be used.
This transaction creates a new Transfer contract.
An existing Export L/C contract which is not closed.
It must be marked as transferable and the unutilized amount may not be zero.
Incoming Messages
| Channel | Description | MT | Description | Comment |
|---|---|---|---|---|
| S | SWIFT | 722 | Request for Transfer of a Documentary Credit Index | |
| T | TradeConnect | T20 | Transfer of a Documentary Credit |
For incoming allNETT / RIVO messages see Overview of Incoming messages - allNETT / RIVO.
Transaction Control
Fees
None
Commissions
Results of this Transaction
Diaries
For more information see TRNDIA Diaries.
| Action | Description | Diary | Follow-up Transaction | Comment |
|---|---|---|---|---|
| Replace | Transfer LC will expire | “Expiring on” - 10 Working Days | Common Messages | if “Expiring on” filled |
| Replace | Transfer LC expired | “Expiring on” + 5 Working Days | Closing | if “Expiring on” filled |
Updating/Storing of Amounts (CBS)
Liability (LIA)
The liability is posted depending on the status of the confirmation of original LC.
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 and messages concerning Participations Sold (Syndications) will be created.
| Name of Message | Receiver | Message ID | SWIFT | Score | TCO | DTA/DTE | Comment |
|---|---|---|---|---|---|---|---|
| Advice of Execution | 1st Beneficiary | LTTBE11 | 723/720 | ||||
| Transfer of Documentary Credit | Advising Bank/ 2nd Beneficiary | LTTBE21 | 720 | ||||
| Reimbursement Authorization | Reimbursement Bank | LTTRMT1 | 740 | ||||
| Advice of Transfer | Issuing Bank | LTTISS1 |
Release
Signature required
Transaction Panels
Overview
Additional Amount
Details
Parties
allNETT Fields
Goods
Documents
Add. Cond.
Special Payment Beneficiary
Special Paymt Cond. Bank only
Transferring Bank Instructions
Reimbursement of Transfer L/C
Orig. L/C Details
Assignment
Participation Sold
Liability
Settlement Details
Settlement
Bookings
Cash Cover
DTAEA Fields
DTALC Fields
Completion
Incoming Tag 72/79
Messages
Compliance
Attachments
Fee Conditions
DTAG Fields
Overview
Datafields
| Datafield | Description |
|---|---|
| Own Reference | cf Appendix A, Table LTD field OWNREF |
| Own Reference | cf Appendix A, Table LED field OWNREF |
| Form of Documentary Credit | cf Appendix A, Table LTD field LCRTYP |
| Responsible User | cf Appendix A, Table LTD field OWNUSR |
| Currency | cf Appendix A, Table CBB field CUR |
| Nominal Transfer L/C Amount | This field contains the nominal amount of the transfer. The amount may not exceed the amount of original L/C including any other transfers. cf Appendix A, Table CBB field AMT |
| Additional Amount | If this box is checked, additional amounts are available under the contract and an additional panel is available to enter details. |
| Amount Tolerance - Positive | cf Appendix A, Table LTD field NOMTOP |
| Amount Tolerance - Negative | cf Appendix A, Table LTD field NOMTON |
| Amount Specification | cf Appendix A, Table LTD field NOMSPC |
| Currency | cf Appendix A, Table CBB field CUR |
| Maximum Transfer L/C Amount | cf Appendix A, Table CBB field AMT |
| Opening Date | cf Appendix A, Table LTD field OPNDAT |
| Shipment Date | cf Appendix A, Table LTD field SHPDAT |
| Date of Expiry | cf Appendix A, Table LTD field EXPDAT |
| Place of Expiry | cf Appendix A, Table LTD field EXPPLC |
| Partial Shipment | cf Appendix A, Table LTD field SHPPAR |
| Partial Shipment | cf Appendix A, Table LTD field SHPPARS18 |
| Transshipment | cf Appendix A, Table LTD field SHPTRS |
| Transhipment | cf Appendix A, Table LTD field SHPTRSS18 |
| Applicable Rules | cf Appendix A, Table LTD field APPRUL |
| Other Applicable Rules | cf Appendix A, Table LTD field APPRULTXT |
| Confirmation Instructions to 2nd Adv.Bank | cf Appendix A, Table LTD field CNFINS |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Name | cf Appendix A, Table PTS field NAM |
| 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 |
| 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 |
| Reimbursement Information | cf Appendix A, Table LTD field RMBFLG |
| Assignment of Proceeds | cf Appendix A, Table LTD field AOPFLG |
| Participation Sold Flag | cf Appendix A, Table LTD field SYNFLG |
Details
Datafields
| Datafield | Description |
|---|---|
| Available with | cf Appendix A, Table LTD field AVBWTH |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Address Block | cf Appendix A, Table PTS field ADRBLK |
| Available in | cf Appendix A, Table LTT field AVBWTHTXT |
| Available by | cf Appendix A, Table LTD field AVBBY |
| Deferred Payment Details | cf Appendix A, Table LTT field DEFDET |
| Drafts at | cf Appendix A, Table LTT field DFTAT |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Address Block | cf Appendix A, Table PTS field ADRBLK |
| Shipment from | cf Appendix A, Table LTD field SHPFRO |
| Port of Loading | cf Appendix A, Table LTD field PORLOA |
| Port of Discharge | cf Appendix A, Table LTD field PORDIS |
| For Transportation to | cf Appendix A, Table LTD field SHPTO |
| Shipment Period | cf Appendix A, Table LTT field SHPPER |
| Mixed Payment Details | cf Appendix A, Table LTT field MIXDET |
| Presentation Period | cf Appendix A, Table LTT field PREPER |
| Presentation Period modified | cf Appendix A, Table LTT field PREPERFLG |
| Days of presentation period | cf Appendix A, Table LTD field PREPERS18 |
| Presentation period text | cf Appendix A, Table LTD field PREPERTXTS18 |
| Additional Details to Code for Charges (CHATO) | cf Appendix A, Table LTT field FEETXT |
| Fee settlement - our fee to be debited to | cf Appendix A, Table LTD field CHATO |
| Country Code (Risk Country) | cf Appendix A, Table LTD field STACTY |
Parties
Datafields
| Datafield | Description |
|---|---|
| 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 |
| 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 |
| 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 |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
| External Key | cf Appendix A, Table PTS field EXTKEY |
| Name | cf Appendix A, Table PTS field NAM |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
allNETT Fields
Datafields
| Datafield | Description |
|---|---|
| Customer retain the right to refuse amendments | cf Appendix A, Table LTD field INCBNFREF |
Goods
Datafields
Documents
Datafields
Add. Cond.
Datafields
| Datafield | Description |
|---|---|
| Additional Conditions | cf Appendix A, Table LTT field ADLCND |
| Special payment conditions for beneficiary exists | cf Appendix A, Table LTD field SPCBENFLG |
| Special Payment Conditions for specified Bank only | cf Appendix A, Table LTD field SPCRCBFLG |
| Red/Green Clause? | cf Appendix A, Table LTD field REDCLSFLG |
| Instructions to Paying/Accepting/Negotiating Bank | cf Appendix A, Table LTT field INSBNK |
Special Payment Beneficiary
Datafields
| Datafield | Description |
|---|---|
| Special Payment Conditions for Beneficiary | cf Appendix A, Table LTT field SPCBEN |
Special Paymt Cond. Bank only
Datafields
| Datafield | Description |
|---|---|
| Special Payment Conditions for Bank Only | cf Appendix A, Table LTT field SPCRCB |
Transferring Bank Instructions
Datafields
Reimbursement of Transfer L/C
Datafields
| Datafield | Description |
|---|---|
| Default Account | cf Appendix A, Table PTS field DFTACT |
| Reimbursing Bank Charges | cf Appendix A, Table LTD field RMBCHA |
| Other Charges RB | cf Appendix A, Table LTT field RMBCHA |
| Reimbursing Bank Account Identification | cf Appendix A, Table LTD field RMBACT |
| Date of Authorization to Reimburse | cf Appendix A, Table LTD field AUTDAT |
| Applicable Rules Reimbursement | cf Appendix A, Table LTD field APPRULRMB |
Orig. L/C Details
Datafields
| Datafield | Description |
|---|---|
| Currency | cf Appendix A, Table CBB field CUR |
| Nominal L/C Amount | This field contains the nominal amount of the letter of credit cf Appendix A, Table CBB field AMT |
| Additional Amount | If this box is checked, additional amounts are available under the contract and an additional panel is available to enter details. |
| Currency | cf Appendix A, Table CBB field CUR |
| Open Amount | This field contains the amount which is still available under the letter of credit. cf Appendix A, Table CBB field AMT |
| Revolving Flag | cf Appendix A, Table LED field REVFLG |
| Available by | cf Appendix A, Table LED field AVBBY |
| Red/Green Clause | cf Appendix A, Table LED field REDCLSFLG |
| Opening Date | cf Appendix A, Table LED field OPNDAT |
| Shipment Date | cf Appendix A, Table LED field SHPDAT |
| Date of Expiry | cf Appendix A, Table LED field EXPDAT |
| Place of Expiry | cf Appendix A, Table LED field EXPPLC |
| Form of Documentary Credit | cf Appendix A, Table LED field LCRTYP |
| Name | cf Appendix A, Table PTS field NAM |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
| Name | cf Appendix A, Table PTS field NAM |
| Reference for Address (Optional) | cf Appendix A, Table PTS field REF |
| Name | cf Appendix A, Table PTS field NAM |
| Reference for Address (Optional) | The Beneficiary is the exporter of the good's. cf Appendix A, Table PTS field REF |
| Confirmation text | This field contains a short description concerning the type of the letter of credit. |
| Open Amount | cf Appendix A, Table CBB field AMT |
Compliance
DTAG Fields
