elcyAUCTION can be used by a corporate to request pricing on either an Export LC/SBLC/GU/Bill of Exchange or Promissory Note (Bank risk) or for Corporate risk (including Invoice/Bill of Exchange Discounting).

An Auction proceeds as follows:

• The corporate creates, approves and sends the Auction to one or more banks (Sent to Bank); each bank is notified of the new Auction and the proposed End Date and Time of the Auction
• Banks respond with their bid (Sent to Corporate) or that they decline to bid (Declined to bid)
• Banks can change or withdraw (Withdrawn) their bid at any time before the end of the Auction
• The corporate can amend the end date and time of the Auction if required, and the banks will be notified of this
• At any time, the corporate can end the Auction without choosing a bank (Withdrawn), or they can accept a bid from a bank (Completed) - they can do this before all banks have responded if they wish to
• When the Auction is over, if they had submitted a bid in the Auction, banks are informed whether they have won (Accepted) the auction or that their bid was unsuccessful (Rejected)
• At the End Date of the Auction, the Auction finishes without a winner (Expired) and all banks with a bid submitted are advised they were unsuccessful

Your bank may allow you to create and submit the bid to the corporate or they may need two different people to create and then send a bid.

Possible workflow statuses

	The first status the bank sees
	Bank processor is creating the bid
	Approval is required before sending the bid to corporates (statuses not seen by the corporate)
	Bid confirmation sent to corporate
	Rejected by the bank approver back to the bank processor for correction due to errors (status not seen by the corporate)
	Bank has withdrawn the bid (and can submit a new one if required)

Corporates can accept or reject a bid if it is in Sent to Corporate status.  In all other statuses, the bid is not available to the corporate.