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Help Party Model -Participation
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? |
|---|---|---|---|---|---|---|
| OAP | Old Account Party | Y | B | Z | ||
| APL | Applicant | Y | FOC | 3 | ||
| BEN | Beneficiary | Y | C | 3 | ||
| AGB | Correspondent Bank | B | 1 | |||
| ISS | Issuing Bank | Y | B | 3 | ||
| DRW | Drawee (DRW) | Y | B | 3 | ||
| AVB | Available with Bank | Y | B | 3 |
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.
Applicant
The applicant requests the opening of the L/C or the guarantee.
Beneficiary
The beneficiary is the party to whose favor the L/C or guarantee has been opened.
Correspondent Bank
The correspondence bank has confirmed the Letter of Credit/ guarantee but is not willing to bear the whole risk. It issues a request to the bank using the application to bear a portion of the risk.
Issuing Bank
The risk party is the issuing bank that was instructed by the applicant to open the L/C or guarantee. Any engagement in relation with the participation is booked on the risk party.
Drawee (DRW)
In the case of a bill transaction/draft, this is the party, on whom the draft is to be drawn (the payer).
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 another bank to which the documents are to be presented for payment, accept or usance payment.
