Inward Collections

Inward collections is the document managing tool. This has visual representation capabilities to view outstanding inward collections, to view and give instructions for the inward collections transaction lodged by the bank. For inward collections corporate user plays the role of the importer and his bank is know as collecting bank.

Navigation path: Web Channel > Side Menu > Trade Finance > Inward Collections.

UX Overview

Inward Collection Overview

This section displays the summary of all the Inward Collection details. The bank user has options to view the overview in desired currency and see only inward collection. Use the drop-down options to filter accordingly. The user can do any of the following:

  • Create a new collection.
  • Pay due collections.
  • Download the list of Inward Collections.
  • Expand the record to see the summary of inward collections.
  • Download or print the individual inward collections.
  • View details of individual records. The user has to click on View Details.

Collections Overview

The overview section displays the summary of all the individual collections raised by the user. Certain classifications include the status of the Inward Collections. Following are things the user understands from the Overview section.

  • The user understands the current status (Sight and Usance) of the collections. This displays total value of records that are processing and approved.
  • The bar chart shows the tenor type Sight and Usance.
  • The bar chart has two color codes (light and dark). Light color represents the total fund value raised by the user in the different tenor types. Dark color represents the collection that are approved by bank. If the user focuses on any bar, the user can see sub-options like new requests, pending requests, approved requests, and rejected requests.
  • Change the currency.

Recent Collections

The Recent collections section helps the user see the last two created or updated collections, and the top shows the latest record. The user can also navigate to see the details of recent collections. There are three details applicant, Type-ref, and status available for each collections and quick link View Details, this navigates to summary details. The user also has quick links to New Collections or Pay Due Collections.

  • Applicant. Name of the beneficiary.
  • Type - Ref: The combination of type and reference of Inward Collections.
  • Status: The current status of the inward collection.

Collections

This section displays all the records created by the bank user. The default pagination is 10 records per page.

  • Search: Use the keywords like Drawer and Document numberto search for the records.
  • Filtering: Use the values displayed in the filter to narrow down the search.
    ClosedFiltering Options:
    • Tenor Type
      • Sight
      • Usance
    • Status
      • New: The record is created by the bank user.
      • Submitted to Bank: The record is submitted to the bank.
      • Processing with Bank: The record is processing with the bank.
      • Approved: The record is approved by the bank.
      • Rejected: The record is rejected by the bank.
      • Returned by Bank: The record is returned by the bank.
      • Pay Due: The record is nearing payment date. The status is configured by the bank for all approved inward collection.
      • Overdue: The record crossed the payment date.
      • Settled: The payment of the record is processed and approved by bank
      • Cancelled: The request cancelled by the exporters bank.
    • Time Period
      • Today: Considers the records created on the same day.
      • Last One Month: Considers the records created from the last 30 days.
      • Last Six Months: Considers the records created from the last 180 days.
      • Last One Year: Considers the records created from the last 365 days.
      • YTD: Considers the records created from start day of the calendar year.
  • Drawer: Specifies the name of the exporter.
  • Tenor Type: Specifies the type of collection. Sight or Usance.
  • Document Number: Specifies the unique document number.
  • Received on: The date on which record is created by the exporter bank.
  • Amount: The total amount of the collection.
  • Status: Current status of the record.
  • Actions: Available actions for the user. View Details as per the record level and Print and Download when record is expanded.

Collections - Record Expanded

The Inward Collections- record expanded displays the additional details for the particular record.

  • Transactional Reference: The unique reference number.
  • Maturity Date: The expiry date of the collection. This is displayed when tenor type is Usance.
  • Days left to pay: Specifies the days left to pay the exporter.
  • Amount Debit from: Specifies the debit account details.
  • INCO Terms: The terms and conditions for the collection.
  • Remitting Bank: The name of the exporter bank.

Download and Print options help the user to download or print the LC.

Inward Collection - View Details

The Inward Collection - view details page provides all the details of a specific collection. The user can perform any of the following actions:

  • View the Inward Collection details.
  • Print and Download the current inward collection.
  • View Swift and Advices.
  • Provide acknowledge to the received collection, and debit account details.

  • ClosedCollection Overview

    • Transaction Reference: The reference number for this transaction.
    • Document Number: The unique document number for the collection.
    • Received On: The date on which the document is received.
    • Status: Current Status of the record.
    • Drawee Acknowledgment: The status of the exporter document acknowledgment.
  • ClosedCollection Details

    • Drawee Details: The name of the exporter.
    • Amount: The total amount for the collection.
    • Charges: The charges incurred for the current inward collections.
    • Maturity Date: The expiry date for the collections. The time icon has different colors based on the days left.
      • Green - The difference between current date and maturity date more than four days.
      • Amber - The difference between current date and maturity date is either four or three days.
      • Red - The difference between current date and maturity date is less than three days.
    • Tenor Type: The type of inward collection.
    • INCO Terms: The terms for the current inward collection.
    • Remitting Bank Details: The exporter bank details
    • Documents: The list of documents for the current collection
    • Message from Bank: The specific message from the bank.
  • ClosedDrawee Consent - Accept

    • Amount Debit From: The account from which the payment to be incurred.
    • Charges Debit From: The account from which the charges to be incurred.
    • Message from Bank: The specific message from the bank.
  • ClosedDrawee Consent - Reject

    • Reason For Rejection: Enter the reasons for rejection. This is a mandatory field.
    • Message from Bank: The specific message from the bank. This is an optional field.

Inward Collections - Acknowledge

The bank user having required permissions to provide consent for the Inward Collections record can view the details of the collections and provide the consent( Approve/ Reject) for a record. Following are the steps to provide consent.

  1. In the Collections dashboard, click View Details on the desired record to provide consent. This navigates to Inward Collection details page.
  2. Verify the Collection Overview and Collection Details.
  3. In Drawee Consent, the user can select Accept or Reject based on the criteria.

    1. If user selects Accept then
      1. Select the Amount Debit From the drop-down list.
      2. Select the Charges Debit From the drop-down list.
      3. Enter the Message to Bank. This is an optional field.
    2. If user selects Reject then
      1. Enter the Reason for Rejection. This is a mandatory field.
      2. Enter the Message to Bank. This is an optional field.
  4. Click Submit to provide your consent.

The system throws an error message when there are no account to display as payment account. Also, the system throws an error if the debit account details cannot be fetched from the back-end.

Inward Collections - Pay Due Collections

The bank user having required permissions to pay due collection for the Inward Collections record can view the details of the collections and pay the amount for a record. Following are the steps to Pay Due Collections.

  1. In the Collections dashboard, click View Details for the record with Overdue in Days Left to Pay. This navigates to Inward Collection details page
  2. Verify the Collection Overview and Collection Details.
  3. In Initiate Payment, the user

    1. Select the Amount Debit From the drop-down list.
    2. Select the Charges Debit From the drop-down list.
    3. Enter the Message to Bank. This is an optional field.
  4. Click Submit. This displays a success message.

View and Respond Messages from Bank

The business bank user can view and respond to the messages received from the bank. The bank user should have permissions to view and manage inward collections. Following are the steps to respond messages.

  1. In Inward Collections Dashboard, click View Detailsfor the record with status Returned by Bank.
  2. In Collection Overview details, Verify the Reasons for Returned.
  3. Verify the Collection Details.
  4. As per the criteria, the user can select Accept or Reject in Drawee Consent section.

    1. If user selects Accept then
      1. Select the Amount Debit From the drop-down list.
      2. Select the Charges Debit From the drop-down list.
      3. Enter the Message to Bank. This is an optional field.
    2. If user selects Reject then
      1. Enter the Reason for Rejection. This is a mandatory field.
      2. Enter the Message to Bank. This is an optional field.
  5. Click Submit.

Download or Print Inward Collection

The user has two options to download Inward Collection records. Either download the complete list displayed on the Collection dashboard page and download or print individual Inward Collection.

Download Inward Collection list

Following are the steps to download Inward Collection list into excel (.xlsx).

  1. Click the Ellipses.
  2. Select the option Export List. This downloads the list of Inward Collection records into an excel file.

There are two ways to download or print an Inward Collection. The first way is to expand the individual record(click the arrow) to see the action items Download and Print at the right of the record and second way is to download the Inward Collection from the view details page.

Download or Print individual Inward Collection from Dashboard

  1. Click the arrow to see the summary of the Inward Collection record.
  2. Click Download or Print to download or print Inward Collection.
    The download options downloads Inward Collection in a PDF format. The print option opens a print dialogue box for printing the Inward Collection details.

Download or Print individual Inward Collection - from Inward Collection View Details page

  1. Click View Details of the individual Inward Collection.
  2. Click Download or Print icon at the top right of the page to download or print Inward Collection details.

SWIFT MT 700

SWIFT is an acronym for Society for Worldwide Interbank Financial Telecommunication. SWIFT provides a secure, highly encrypted, and reliable messaging service to all financial institutions.

This is an additional feature provided to the Trade Finance Micro App to implement the SWIFT MT700 codes to the fields available in LCs. If there is no SWIFT code, then NA will display adjacent to the field. The same SWIFT MT700 codes will also display in the download and print LCs.

Enable the Spotlight configurations to display the SWIFT tags. Individual configurations are available for Web Channel, download, and print LCs.

Web Channel SWIFT MT700 codes:

Download and Print SWIFT MT700 codes:

Swift and Advices

The bank user with required permissions can see the Swift MT messages and Payment Advices for a particular record. The following is the procedure to view Swift and Advices for a particular record.

  1. In the dashboard, search or filter for the record.
  2. Click View Details on the record to view Swift and Advices. The navigates to the detailed page view.
  3. Click SWIFT & Advices.
  4. In the pop-up,
    • Select Payment Advices to view payment advices for a particular record.
    • Select SWIFT MT to view in advices in SWIFT MT mode.

SRMS Configuration

The SRMS configurations are shipped as a part of this feature. For more information, see SRMS Configurations.

Experience API

Following are the APIs for Inward Collections.

Name Description Introduced In
createCollection This API is a mock service to create Inward Collections. 2022.10
getCollections This API retrieves Inward Collections for particular customer. 2022.10
getCollectionById This API retrieves Inward Collections by ID. 2022.10
UpdateInwardCollection This API updates Inward Collections. 2022.10
Object Data Model This Object Data Model describes the parameter name and other attribute details for Trade Finance.  
Field Name
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Application/Table name
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Published on :
Tuesday, May 23, 2023 9:43:00 PM IST