Select elcyMBP tab then Import Workbench, Create Guarantee.

A new guarantee can be created in Swift format in several ways:

• Create from blank
• Use a template from the dropdown

• Copy an existing guarantee from the Import Transaction List

  

1. Create a new guarantee from blank

Select the correct Form of Guarantee required from the drop down:

• Advance Payment
• Bill of Lading
• Customs
• Direct Pay
• Insurance
• Judicial
• Lease
• Other (in which case please enter more details)
• Payment
• Performance
• Retention
• Shipping
• Tender or Bid
• Warranty/Maintenance

If you are unsure which type to use, please check with your issuing bank.

Corporate Reference must be unique (up to 16 characters) and choose the expiry date or tick the Open Ended box, then enter the Economic Maturity Date.  If the guarantee has an Auto Renewal clause, tick the Auto-Renew box and enter the required details.

Select or complete the details of the applicant, issuing bank, beneficiary and any limit or advising bank.  Depending on your permissions, you may be able to add new ones if required, or only select from those that already exist.  If you cannot add, and the one you require is not there, please speak to your local administrator.  For certain clients, use of Limits is mandatory, therefore you must select a limit and possibly a sublimit before you can save the Guarantee.

Enter the amount and choose the currency of the guarantee plus any tolerance for the amount.  Enter any further details of the Undertaking – it is mandatory to choose who has drafted the Wording of Undertaking but the other boxes are optional.

Enter the Presentation Instructions and details of the underlying transaction in these boxes if required.

Information about how to deliver the issued guarantee and to which party goes here.  Any contact details for the person collecting/receiving the guarantee go in the right hand box.

This box is for the guarantee wording.  You can attach copies of the guarantee if required (pdf or txt format only) or type/paste the wording in this box.  Banks find txt easier than pdf as they can copy and paste it rather than retype, it is possible to attach both.

Note that SWIFT limit which characters can be used in the SWIFT message, these characters are accepted but any other characters would need to be in an attached file.

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Further information about the guarantee can be entered into these boxes if required.

Client Transaction Properties (CTP) may be available.  If these are compulsory then they must be completed before the guarantee can be saved.  If you have any queries on how to complete these, please speak to your local Administrator for advice. 

Attach any files required, then click on Create Undertaking or Create Draft if you know some information is missing.

If you click on Create Undertaking button, you will then be presented with the following screen to check final data and Submit the Guarantee request to the Transaction List.

If you click on Create Draft button, the draft can be found later on the Import Workbench in the LC Drafts List.  Created ones are in the Import Transaction List in the In Progress status waiting for the necessary update.

The details submitted come up for further review showing as in the In Progress state.

Once you have submitted the guarantee it will appear on your Import Transaction List (elcyMBP, Import Workbench, Import Transaction List) with status of In Progress - at this stage you can still update or delete the transaction.  When you are ready, view the transaction and Update Status to send the guarantee for approval.

To add any documents to this transaction, click on “View repository”.  Documents in the repository are not accessible by the bank – anything you want the bank to receive must be attached in the application itself.

2. Create a new guarantee from a template

Next to SWIFT Guarantee, click on the down arrow to display the list of possible templates.  Find the correct one, then click Next.  A draft transaction will appear with details completed per the template.  All fields can be amended as needed then the transaction saved and approved as per any other Guarantee.

Due to the change in Swift format from 22nd November 2021, all the templates created before that may need to be updated to add extra data. This can be done by choosing the template from elcyMBP, Transaction Template, Transaction Template List.

After amending, click on Update Template at the bottom.

3. Create a new guarantee from an existing guarantee

On the Import Transaction List, find the transaction you wish to copy, click in the radio button on the left hand side and then on the word Copy at the top.

Select that you want to create another guarantee transaction, enter your unique Corporate Reference for the new transaction and click Next.

A copy transaction is added to the Import Transaction List in the In Progress status.  Click on the System Reference of the new transaction to go into it.

Click on Update to be able to amend the details to exactly what you want for the new transaction – you will at least need to update the expiry date to the new date you require.  When everything is correct, click the  button and continue to process the transaction as normal.