Figure 1 illustrates a typical life cycle of a Letter of Credit. Both Importers/buyers and exporters/sellers can use ITAS to manage the contract, logistics and finance processes including Letters of Credit.
LCMAINT has the ability to import documents containing the terms of the LC. Configurations within this application allow identification of the components of the SWIFT standard form MT700 which part-automates the creation process. Subsequent usage in terms of make-up and drawdown are manual processes.
Figure 2 illustrates a scenario where a workflow has been designed to take the MT700 instruction into ITAS and listen for two key events; make-up (contract assignment) and drawdown (L/C usage).
Events notifications are generated when: