Datasheet for Rabobank models including: Rabobank, Rabo, eTrade
Introduction 4 1 Introduction This document provides Customer users of Rabo eTrade with a guide to the activities required for the operation of Rabo eTrade features and functions related to the negotiation, confirming and printing of Export Letters of Credit (L/Cs).
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DocumentDocumentRabo eTrade Product Guide Export Letter of Credit March 2020 Rabobank March 2020 All rights reserved. This document is the property of Rabobank and may not be reproduced, by any means, in whole or in part, without the prior permission of Rabobank. This document is provided with the understanding that proprietary information of Rabobank is contained therein, and that no part of its contents will be disclosed to third parties without the prior express consent of Rabobank. The content of this document is intended as a detailed description of the Rabo eTrade® Trade Finance Banking Systems. This document does not in any way, constitute any undertaking on behalf of Rabobank in respect of any aspects of the system, and Rabobank reserves the right, at any time to improve or change the product described. Rabo eTrade® is a registered trademark of Rabobank. Table of Contents Table of Contents 1 Introduction..................................................................................................................................... 4 1.1 Transaction Overview ............................................................................................................. 4 2 Export Letter of Credit .................................................................................................................... 5 2.1 Negotiating an Export Letter of Credit ................................................................................... 5 2.2 Confirming an Export Letter of Credit ................................................................................... 8 2.3 Generating and Printing an L/C Cover Letter ....................................................................... 11 Introduction 1 Introduction This document provides Customer users of Rabo eTrade with a guide to the activities required for the operation of Rabo eTrade features and functions related to the negotiation, confirming and printing of Export Letters of Credit (L/Cs). The Rabo eTrade system and accompanying documentation assume a working knowledge of Trade Finance, along with industry standard basic computer and cyber skills. Working Assumptions:The Rabo eTrade system and documentation package assume a working knowledge of Trade Finance, and industry standard basic computer and cyber skills. Other documents:Documents also included in the Rabo eTrade documentation package are the User Guide and the Quick Reference Guide. User Experience: Rabo eTrade provides an accessible and streamlined user experience regardless of what type of user you are, e.g. a bank customer, a supervisor, a manager or an administrator. Types of Users: Several types of users can be defined in Rabo eTrade. This enables implementation of the business practices, roles and responsibilities, authorization levels and segregation schemes within the bank and defined jointly in your system with Rabobank team/s. 1.1 Transaction Overview The following Rabo eTrade transactions must be performed in the listed order: 1. Transaction Initialization -- each transaction initialization is made up of a number of data sections, all of which must be completed in order to finalize the transaction. For example, there are seven sections involved in an Import L/C initialization: general details, settlement data, transportation, participants, terms, text, and confirmation. 2. Transaction Authorization -- once all transaction details are completed, the transaction must be approved by the required number of authorization signatures before it is ready for transmission. The customer determines the number and type of signatures required based on the value of the transaction. 3. Transaction Transmission -- when transaction details are completed, the transaction is automatically transmitted to the Bank's Back Office. 4. Status -- all transactions have a status determining the current stage of the specific transaction, starting with the creation until final release at the Bank's Back Office by the bank. 4 Export Letter of Credit 2 Export Letter of Credit 2.1 Negotiating an Export Letter of Credit To Negotiate an Export Letter of Credit: 1. From Panorama: Inquiry tab: Deal Select, select the Export L/C transaction you want to negotiate from the Deal Select transaction list. Figure Panorama Screen: Deal Select Alternatively, type the deal number in the Search field and click the icon. The selected transaction is highlighted and the Panorama toolbar becomes available. Figure Additional Steps Dropdown: L/C Negotiation 2. From the Panorama toolbar: Additional Steps dropdown, select L/C Negotiation. The L/C Negotiation page displays. 5 Export Letter of Credit Figure Export L/C Negotiation page: General Details tab Reference No. The customer's deal reference no. if assigned. Deal No. Negotiation Ref. Currency Document Amount Expiry Date Bank's deal no. The customer's reference no. for this specific Negotiation. In case of multiple negotiations, Rabo eTrade validates the uniqueness of the Negotiation Reference No. under the same deal. In case of duplication, Rabo eTrade prompts the `Duplicate Negotiation Reference No' error message. Size: 16 alphanumeric. Deal currency The amount of the documents. Standard Rabo eTrade amount field. Rabo eTrade validates the entered amount against the deal balance. If the document amount is greater than the deal balance, Rabo eTrade will prompt the warning message `Document amount is greater than the deal balance' to the user. Date of deal expiration 3. Switch to the Documents & Terms tab and enter relevant data in the available fields. The Documents & Terms tab is divided into two parts: 1) The upper part contains the Deal's terms 2) The lower part contains the Deal's documents 6 Export Letter of Credit Figure Export L/C tab: Documents & Terms Tab Bill of Exchange It is a deal term which is defined as per standard setup. Place of Bill of Exchange Date of Bill of Exchange Order Of To (Drawee Bank) Customer Name Presented Documents It appears and is mandatory when the Bill of Exchange checkbox is selected. Field size: 20 characters. A date field populated with the current system date as default. User can change the date. It appears and is mandatory when the Bill of Exchange checkbox is selected. The field is a dropdown list with the following options: Rabobank Ltd. Ourselves It appears and is mandatory when the Bill of Exchange checkbox is selected. A free text field with size 4*3. It appears and is mandatory when the Bill of Exchange checkbox is selected. A free text field with size 3*35. The bank's back-office system downloads the first three lines of the customer's Name & Address in the Party screen. This is defaulted and the user can override it. The dropdown list includes documents which have been Setup by the bank 7 Export Letter of Credit 4. Switch to the Loan tab and fill in the relevant details if you need to request a loan. 5. Switch to the Attachments tab to attach files to a Collection application to the bank and upload them to the Back Office. For more information about this tab, see the Rabo eTrade User Guide, Attachments. 6. Switch to the Texts tab to enter additional customized information and requirements to the L/C Negotiation Deal. 7. To send the transaction, click Sign. The system runs internal checks to make sure the information is entered correctly. If any errors exist, you are notified about each error and prompted to correct it. 8. If you do not want to send the transaction now, click Save to update the Deal in the Rabo eTrade database. Or Click Cancel to return to the previous page without saving any action on the current page. 2.2 Confirming an Export Letter of Credit To Confirm an Export Letter of Credit: 1. From Panorama, Inquiry tab, Deal Select, select the Export L/C transaction you want to confirm from the Deal Select transaction list. Figure Panorama Screen: Deal Select 8 Export Letter of Credit Alternatively, type the deal number in the Search field and click the icon. The selected transaction is highlighted and the Panorama toolbar becomes available. Figure Additional Steps Dropdown: Add Confirmation L/C 2. From the Panorama toolbar: Additional Steps dropdown, select Add Confirmation L/C. The Confirmation L/C page displays. Figure Add Confirmation page 9 3. Switch to the Documents & Terms tab. The Export L/C Document & Terms tab displays. Export Letter of Credit Figure Documents and Terms tab 4. Select Confirm from the Confirmation Instructions dropdown list. 5. To send the transaction, click Sign. The system runs internal checks to make sure the information is entered correctly. If any errors exist, you are notified about each error and prompted to correct it. 6. If you do not want to send the transaction now, click Save to update the Deal in the Rabo eTrade database. Or Click Cancel to return to the previous page without saving any action on the current page. 10 Export Letter of Credit 2.3 Generating and Printing an L/C Cover Letter A cover letter can be generated, printed and attached to the set of documents to be sent to the bank for Regular Export Collections. This option allows you to add a confirmation to an Unconfirmed Export L/C. To Generate and Attach a Cover Letter to an Export L/C: 7. From the Panorama screen, enable the Additional Steps dropdown menu by highlighting the relevant transaction. 8. From the Additional Steps dropdown, select L/C Cover Letter. Figure Additional Steps Dropdown: L/C Cover Letter The L/C Cover Letter page displays. Figure Export L/C Cover Letter tab 11 Export Letter of Credit 9. Enter data and attach any relevant documentation (e.g., Invoices or Installment data). You may have to scroll down to reach the fields at the bottom of the page. To Print a Cover Letter for an Export L/C: 1. From the Panorama screen, enable the Additional Steps dropdown by highlighting the relevant transaction. 2. From the Panorama toolbar: Additional Steps dropdown, select Print. The default Windows print dialog displays. 3. Click Print. 12Microsoft Word 2016 Microsoft Word 2016