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Help Party Model -Reimbursement
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? |
|---|---|---|---|---|---|---|
| ISS | Issuing Bank | B | 3 | |||
| CLB | Claiming Bank | Y | B | 3 | ||
| DRW | Drawee (DRW) | Y | B | 3 | ||
| AVB | Available with Bank | Y | B | 3 | ||
| BEN | Beneficiary | Y | 3 | |||
| OAP | Old Account Party | CB | Z | M |
Issuing Bank
The issuing bank is the bank that opens an L/C and authorizes a correspondence bank (reimbursing bank) to pay claims under this L/C (via SWIFT MT 740). The issuing bank has an account with the reimbursing bank in the L/C currency. The reimbursement bank does usually not know the L/C.
The reimbursement bank is the bank using the application.
Claiming Bank
In the reimbursement claim (SWIFT MT 740) the issuing bank can define the claiming bank. In this case the claiming bank is stored under this 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).
The drawee can already be named by in the reimbursement claim (SWIFT MT 740) by the issuing bank.
Available with Bank
If an L/C can be utilized at a bank other than the issuing bank, the issuing bank informs the reimbursement bank via the reimbursement claim (SWIFT MT 740) of that. In that case only that bank may claim a payment at the reimbursing bank (bank using the application).
Beneficiary
The beneficiary is the party in which favor the L/C was created by the issuing bank. As the beneficiary is unknown in most cases, but can be named in the SWIFT MT740 message (Authorization to Reimburse), this role is provided for the other parties.
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.
