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Expected Procedure of Allied Monetization-1

The document outlines the expected procedure for providing and funding a standby letter of credit (SBLC). It involves 7 steps: 1) signing a contract, 2) the funder sends a bank certificate letter, 3) the provider sends a SWIFT pre-advice and receives verification, 4) the provider sends the SBLC via SWIFT, 5) the funder verifies and releases cash totaling a percentage of the SBLC value, 6) fees are transferred, and 7) the provider sends the hard copy SBLC.

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MANOJ VIJAYAN
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341 views1 page

Expected Procedure of Allied Monetization-1

The document outlines the expected procedure for providing and funding a standby letter of credit (SBLC). It involves 7 steps: 1) signing a contract, 2) the funder sends a bank certificate letter, 3) the provider sends a SWIFT pre-advice and receives verification, 4) the provider sends the SBLC via SWIFT, 5) the funder verifies and releases cash totaling a percentage of the SBLC value, 6) fees are transferred, and 7) the provider sends the hard copy SBLC.

Uploaded by

MANOJ VIJAYAN
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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EXPECTED PROCEDURE

1. Sign Contract
Provider and Funder shall execute, sign and initial this “Cooperate Agreement” which thereby
automatically becomes a full recourse commercial contract after Funder’s application has been
accepted by the Provider.

2. Within Three (3) banking days after signing both parties, The Funder shall send BCL to the Provider.

After receipt from the funder, the provider shall then verify and authenticate the BCL sent by the
Funder's Bank by bank Officer to bank Officer.

3. Within Two (2) banking days after authentication, the Provider shall send the SWIFT Pre-Advice
MT799 to the Funder’s bank coordinates as designated therein and a copy of Swift will be send by
provider’s bank Officer to receiver’s bank Officer through secured email. After receipt of the MT799
from the Provider’s Issuing Bank, the Funder shall then verify and authenticate the SWIFT Pre-Advice
MT799 sent by the Provider's Bank and Funder shall then instruct his bank to send a reply via SWIFT
MT799 with BPU to the Provider’s designated bank coordinates.

5. Within Two (2) bank working days after receiving MT799 BPU to the provider’s designated bank
coordinates, The Provider shall then instruct their Issuing Bank to transmit the said scheduled SBLC via
SWIFT MT760 to the Funder’s designated receiving banking coordinates.

6. After verification and authentication of the MT760 by the Funder’s Bank, the Funder shall release
the Cash (MT103) within 7 days, totaling XX% of the Standby Letter of Credit face value and
simultaneously instructs his BANK to transfer all fees X% of face value to each fee’s BENEFICIARY.

7. Provider’s bank will send hard copy of STAND BY LETTER OF CREDIT via courier to Funder’s bank
within 5 banking days.

ST
H.O - 25A, CHANDNI CHOWK STREET, (1 FLOOR) KOLKATA - 700 072
Office: (India) +91 7001332570, +91 98313 20420 |
Email: info@alliedaluconc.co.in | director@alliedaluconc.co.in
Website: www.alliedaluconc.co.in

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