Creating an automated system for Letter of Credit Advising Bank processes increased income and saved substantial time
The Letter of Credit (L/C) processes cause banks income loss and use of excessive workforce. Automating these processes bring about serious benefits.
Based on each letter of credit’s agreement, collection stage and the party to be collected from may vary. Those commissions may be collected during each operation stage, such as issuing the L/C or providing documents to Confirming Bank the trade documents. Alternatively, some or all the commissions may be gathered during the payment stage.
The commission amount upper limits are determined by Central Bank, and charges may apply when exceeded.
Due to the complex structure of this international trade process, our client bank was having income lost due to less than appropriate commission collecting, potential charges from Central Bank, and excess workforce needed to be used.
By partnering with the Client, we created an automated system for Letter of Credit Advising Bank processes.
- Transferring the end-to-end process to BPM platform for better case management and document management
- Creating an integrated Automated Commission Collection system
- Automating creation of L/C document, such as Letter of Advice, to eliminate manual work
- Creating automated notice e-mails throughout the process
Creating an automated system for Letter of Credit Advising Bank processes increased income and saved substantial timeDiscover
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