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• Banks can change or withdraw (Withdrawn) their bid at any time before the end of the Auction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• At any time, the corporate can end the Auction without choosing a bank (Withdrawn), or they can accept a bid from a bank (Completed) - they can do this before all banks have responded if they wish to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