Issue Outgoing Standby Letter of Credit

Field/Control

Description

Beneficiary

Search Image Link

Pressing this Image Link displays the Party Search page, where you can select the Beneficiary for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Beneficiary fields loaded with the party's information. To complete each Beneficiary fields, you can either search for a party by pressing the Search Image Link , or you can type the entry directly into each field.

If the party you select in the Party Search page has a designated bank, the bank's information is loaded into the Correspondent Bank area. This bank information can be overridden, if necessary.

*Beneficiary Name

The name of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Beneficiary's name directly into this field. This field can contain up to 35 characters and is a required field.

Phone Number

The phone number of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Beneficiary's phone number directly into this field. This field can contain up to 20 characters.

*Address (Line 1)

The first address line of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link, or you can type the Beneficiary's address directly into this field. This field can contain up to 35 characters and is a required field.

Address (Line 2)

The second address line of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's address directly into this field. This field can contain up to 35 characters.

Address (Line 3)

The second address line of the Beneficiary for the instrument. This field replaces City, State and Postal Code. This field can contain up to 35 characters.

*City

The city of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's city directly into this field. This field can contain up to 23 characters and is a required field.

Province/State

The province or state of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's province or state directly into this field. This field can contain up to 8 characters.

*Country

The country of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can select the Beneficiary's country from this drop-down list. A country selection is required.

Postal Code

The postal code of the Beneficiary for the instrument. To complete this field, you can either search for a party by pressing the Search Image Link , or you can type the Beneficiary's postal code directly into this field. This field can contain up to 15 characters.

Correspondent Bank

Search Image Link

Pressing this image link displays the Party Search, where you can select the Correspondent Bank for the instrument from a list of bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Correspondent Bank text box loaded with the party's information in read-only form.

If the party you select in the Beneficiary area has a designated bank, the bank's information is loaded into the Correspondent Bank area when the Beneficiary fields are loaded. This bank information can be overridden, if necessary, by changing the Correspondent Bank information here.

To change the Correspondent Bank information in the text box, press Erase Image Link. You can then press  Search Image Link again to select a new party.

*Applicant

Search Image Link

Pressing this image link displays the Party Search page, where you can select the Applicant for the instrument from a list of non-bank parties. After you choose a party from the Party Search page, the transaction page redisplays with the Applicant text box loaded with the party's information in read-only form. An Applicant selection is required.

To change the Applicant information in the text box, press Search Image Link again to select a new party.

Type

The type of the Standby Letter of Credit. To specify, make a selection from the drop-down list. Examples of available standby types include Advance Payment, Maintenance, Performance, Retention, Tender/Bid, and Other. If you select Other, you must enter a description in the Other Conditions text area.

Your Reference Number

The Applicant's reference number for the instrument. This field can contain up to 30 characters.

Expiry Date

The date that the transaction expires. To enter the expiry date, select a day, month, and year from the appropriate drop-down lists.

Type of LC

The value selected from this dropdown list is translated and populated on the Instructions Tab of the Instrument created from the Portal.

*Currency

The currency for the instrument. To enter the currency, select one from this drop-down list. A currency selection is required.

*Amount

The amount of the transaction. This field can contain up to 22 characters and is a required field.

Expiry Place

This field will be a drop-down list of values. The values will be SWIFT complaint and can hold up to 29 characters. Values will be:

·         At our counters/At issuing bank's counter (Issuing Bank)

·         At confirming bank’s counters (Confirming Bank)

·          In Beneficiary’s country (Beneficiary)

·         Other

If ”Other” is selected, you should add the additional details related to the expiry place in the Additional Conditions test field located in the Other Conditions section of each of the instrument types.

This field will only be displayed on the transaction for the corporate customer to enter, when the bank defined default instrument template has no data entered in the place of the expiry field.

Amount Tolerance

The amount tolerance of the transaction. This is the percentage amount that the instrument can be over- or underdrawn. You can type up to 3 characters into each percentage field (+ and -).

Issuing Instructions

Indicates the issuing  instructions for the instrument. To specify, select one of the following options:

·         Applicant’s Bank - Indicates that applicant’s bank will issue the standby LC.

·         Overseas Bank - Indicates that an overseas bank will issue the standby LC. If you select this option, be sure to enter the validity date at overseas bank.

*Payment Terms

Indicates the payment terms for the instrument. To specify, select one of the following options:

·         Sight - Indicates that payment is due immediately upon receipt.

·         Other - Indicates that the Other Conditions section of the transaction contains tenor option information. If you select this option, be sure to enter the details into the Other Conditions section.

*Bank Charges

Indicates the distribution of bank charges for the instrument. To specify, select one of the following options:

·         All our account - Indicates that the Applicant will pay all of the Issuing Bank's, Advising Bank's, and any other bank's charges.

·         All bank charges other than those of the Issuing Bank are for Beneficiary's account - Indicates that the Applicant will pay the issuing Bank's charges; any other bank's charges will be borne by the Beneficiary.

·         Other - Indicates that the Other Conditions section of the transaction contains bank charges information. For example, there might be a combination of charge distributions, such as the opening fee charged to the Applicant and amendment and all other fees charged to the Beneficiary.

If you select this option, be sure to enter the details into the Other Conditions section.

Field/Control

Description

Confirmation

Indicates the rules for Correspondent Bank confirmation. To specify, select one of the following option buttons:

·         Correspondent Bank not required to add confirmation. (This is the default setting.)

·         Correspondent Bank to add their confirmation

·         Correspondent Bank may add their confirmation subject to Beneficiary's approval

Auto Extend

If this checkbox is selected, this transaction will be automatically extended.

ICC Applicable Rules

This checkbox indicates whether this instrument is governed by one the ICC Publications or not.

Version

This field lists all the valid ICC Applicable Rules for this instrument.

Details

If the ICC Publication Version “Other” is selected, then this field will be enabled.

Counter Standby LC

When this checkbox is selected, the Portal Outbound message will be modified to add a phrase 'Instrument to be issued by a Foreign Bank (SEB will add a reclamation period to the expiry date)' in Portal Standby LC application and map this phrase to the Instructions Tab on the Instrument..

[Additional Conditions text]

The additional conditions text for the transaction. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area. The text area can contain up to 6500 characters. The field allows the user to enter more than 6500 characters, however, an error is returned when the user saves the instrument.

Field/Control

Description

*Issue instrument in

The language in which the instrument will be issued. To specify, select a language from the drop-down list. This field defaults to English.

[special instructions text]

The special instructions text for the transaction. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area. The text area can contain up to 1000 characters. The field allows the user to enter more than 1000 characters, however, an error is returned when the user saves the instrument.

Settlement Instructions

Branch Code

The bank branch code for settlement. To specify, enter a bank code into the text box. This field can contain up to 30 characters.

Debit - Our Account Number

The debit account number for settlement. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Debit - Foreign CCY Account Number

The foreign currency debit account number for settlement. To specify, enter an account number into the text box. This field can contain up to 30 characters.

CCY of Account

The currency of the settlement foreign currency account. To specify, make a selection from the drop-down list.

Commissions & Charges

Debit - Our Account Number

The debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters.

Debit - Foreign CCY Account Number

The foreign currency debit account number for commissions and charges. To specify, enter an account number into the text box. This field can contain up to 30 characters.

CCY of Account

The currency of the commissions and charges foreign currency account. To specify, make a selection from the drop-down list.

[additional text for Settlement or Commissions & Charges]

The additional text describing settlement or commissions and charges for the instrument. To enter text, you can either type directly into the text area, or add a phrase from the drop-down list to the text area.The text area can contain up to 1000 characters. The field allows the user to enter more than 1000 characters, however, an error is returned when the user saves the instrument.