When a new LC request comes through from a corporate client, you can access the transaction by going to Outward Transaction List. Click on the system reference to view the details.

Once you have reviewed the details, you have options to "Authorised" or 'Reject" the transaction.

If Authorised, enter the bank’s reference number and click on Authorised by Bank.

If the bank is despatching documents, update the status when this has happened. In some cases, the corporate will carry out this step.

Once you receive notice from the collecting bank that documents are In Order, update status.

When funds are received, update status to Paid, or if it’s agreed, to Accepted. If Cancelled, the corporate receives notification and the bank has nothing more to do with the collection.

For Paid or Accept, complete the screen with the relevant details, attaching documents as required if Paid.

Note – “Amount Received Direct” relates to any amounts where the drawer has received funds OUTSIDE of the collection process, so is often blank.