Outward Collections - Amendments

The Web Channel user with access to Trade Finance have capabilities to view and create an Amendment to manage the Outward Collections documentary. The bank user must able to have a visual representation of the Outward collections transaction which are logged by the bank.

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

UX Overview

Outward Collections - Amendments Overview

This section displays the summary of all the Outward Collections - Amendments that are available for the user. The user can do any of the following:

• View, filter, and search for an Outward Collection Amendment.
• Download or print the individual Outward Collection Amendment.
• View details of individual records. The user has to click on View Details.
• Expand the record to see the summary of Outward Collections Amendments.

Outward Collections - Amendments

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

• Search: Use the keywords like Drawee and Transaction numberto search for the records.
• Filtering: Use the values displayed in the filter to narrow down the search.
  
  Filtering Options:

  • Tenor Type
    • Usance
    • Sight
  • Status
    • Submitted to Bank: The record is submitted to the bank.
    • Processing with Bank: The record is processing with the bank.
    • Returned by Bank: The record is not approved and sent back for more changes.
    • Approved: The record is approved by the bank.
    • Rejected: The record is rejected by the 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.
• Drawee: Specifies the name of the importer.
• Amendment No: The sequential number of the amendment made for the Outward Collection.
• Transaction Ref: The transaction reference number for the record.
• Updated on: The date on which record is updated.
• 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.

Outward Collection Amendments - Record Expanded

The Outward Collection Amendments - record expanded displays the additional details for the particular record.

• Tenor Type: The type of tenor. Sight or Usance.
• Created Date: The Date on which record is created.
• Maturity Date: The expiry date of the collection.
• Collecting Bank: The name of the importer bank.

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

Outward Collection Amendment - View Details

The Amendment View Details page summarizes the Outward Collection Amendment. The user can perform any of the following actions:

• View the Outward Collection Amendment details.
• View details of the Outward Collection.
• Go back to the Outward Collection Dashboard.
• Collection Summary

  

  • Drawee Details: The name of the importer.
  • Transaction Reference: The reference number for this transaction.
  • Amount: The total amount for the collection.
  • Tenor Type: The type of Outward collection. Usance or Sight.
  • Maturity Date: The expiry date for the collections. The time icon has different colors based on the days left.
  • Collecting Bank Details: The importer bank details
• Amendment Overview

  The following are details for when the status is Submitted to Bank / Processing by Bank.

  

  • Status: Current status of the amendment.
  • Updated On: The date of updating the current amendment.
  • Amendment No: The sequential number of the amendment requested for the Outward Collection.
  • Requested on: The date of creating the current amendment.
  • Amendment Reference: The unique amendment reference number.

  The following are details for when the status is Approved.

  

  • Status: Current status of the amendment.
  • Updated On: The date of updating the current amendment.
  • Amendment No: The sequential number of the amendment requested for the Outward Collection.
  • Requested on: The date of creating the current amendment.
  • Amendment Reference: The unique amendment reference number.
  • Courier Tracking Details: The courier and tracking details for the record.

  The following are details for when the status is Rejected.

  

  • Status: Current status of the amendment.
  • Reason for Rejection: Specifies the reason for rejection.
  • Updated On: The date of updating the current amendment.
  • Amendment No: The sequential number of the amendment requested for the Outward Collection.
  • Requested on: The date of creating the current amendment.
  • Amendment Reference: The unique amendment reference number.
  • Courier Tracking Details: The courier and tracking details for the record.
• Amendment Requested

  

  This section displays the changes requested in the current amendment for the Outward Collection.

  • Document Number: The document number for the amendment.
  • Tenor Type: The type of Outward collection.
  • Usance Days: The usance days for the current record.
  • Allow Usance Acceptance: The acceptance for the usance. Yes or No.
  • Amount and Account Details:
    • Amount: The total amount requested for this collection.
    • Amount Credit Account: The crediting account details.
    • Charges Debit Account: The charges debiting account details.
  • Document and Bank Instructions:
    • Uploaded Documents: The documents uploaded to the bank.
    • Physical Document Details: The physical documents submitted to the bank.
    • Other Collection Details: Specify any other collection details for the record. This is an optional field.
    • Message to Bank: Specifies the message to the bank. This is an optional field.

Create Outward Amendment

The following is the procedure to create an amendment.

1. In the Outward Collections dashboard page, click Create New Amendment.
   
2. In the pop-up box, search for the record and click Create. This navigates to Outward Collection - Create New Amendment page.
   .
3. Click the check box to update the fields. The user can change more than one field. The following fields can be updated.
   
   • Document Number
   • Tenor Type (This is not available if record tenor type is Usance)
   • Usance Days and Usance Details
   • Allow Usance Acceptance (This is not available if record tenor type is Usance)
   • Currency and Amount
   • Amount Credit Account
   • Charges Debit Account
   • Upload Documents
   • Physical Document Count
   • Other Collection Details
   • Message to Bank
   
4. Click Review and Submit. This navigates to review page.
5. Verify the details and click Submit.
6. A success message appears at the top of the screen.

The user can click cancel to save or delete the record accordingly. Select the appropriate field in the pop-up box.

Outward Collection Amendments - Returned by Bank

The user can update the details and resubmit the record when the status of the amendment is Returned by Bank. The following is the procedure to update the record.

1. In the Outward Collection dashboard page, search for the record with status Returned by Bank.
2. In the view details page, Click Continue to Revise.
   
3. Update the details accordingly and click Review and Submit.
4. Verify the details and Click Submit.
5. A success message appears at the top of the screen and status is updated to Submitted to Bank.

The user can click View History to view the history of messages for the record.

View Details of Outward Collection - Amendment

The Amendment details of the Outward collections can be viewed in two different ways. One is to view only single amendment and the other way to see all the amendments for a Outward Collection.

View Detailed Amendment

Following are the steps to see the detailed view of Amendment for collection.

1. In the Search bar use Drawer, Transaction Reference and for further filter options to narrow the Amendments.
   
2. On the desired Amendment record, click View Details. This will navigate to Amendments records page viewing the details.
   

View All Amendments for Individual Outward Collections

There might be one or more than one Amendments for a Outward Collection. The user has option to view all Amendments for a single Collection. Following is the procedure to view all Amendments.

1. In Outward Collectionsdashboard, click on View Details. This navigates the Outward Collection detailed view.
   
2. Click Amendments tab at the top. The page displays the latest Amendment at the top.
   
3. The user can click View Consolidated to view the details of all Amendments current record. This navigates to Amendments - Consolidated View page.
   

The Amendments - Consolidated View have Overview section and Amendment section.

Collection Overview

The Collection Overview have the details of the current Outward Collection.

Amendment

The Amendment overview differs as per the amendment status.

Amendment status: Returned By Bank

This section displays Amendment overview and requested Amendment. The user has and option to View and Respond to the amendment. On click of View and Respond, the page navigates to Outward Collections - Amendment page to revise amendment.

Amendment status: Approved

This section displays Amendment overview, requested amendment.

Request Cancellation - Outward Collection Amendment

The bank user can create a request to cancel the Outward Collection Amendment for the record status Approved and Overdue. The request cancellation sends a request to corporate bank to cancel the current amendment. The reasons and necessary documents are attached to request. Following is the procedure to request cancellation of Outward Collections Amendments.

1. In the Outward Collection Amendment page, search or filter the record and click View Details. This navigates to Outward Collection details page.
2. At the bottom of the page, click Request Cancellation. This navigates to the request cancellation page.
   
3. Click Upload document to attach the required documents for cancellation.
   
4. Enter message to the bank and click Confirm and Submit.
   
5. In the pop-up box, click Submit Cancellation.
   
6. This raises a request to bank and a success message appears at the top of the screen.
   

After successful request, the outward collection record will have an additional field called as Cancellation, this is displayed only in Expanded Outward Collection record.

Download or Print Outward Collection - Amendment

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

Download Outward Collection - Amendment list

Following are the steps to download Outward Collection - Amendment list into excel (.xlsx).

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

There are two ways to download or print an Outward Collection Amendment. 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 Collection Amendment from the view details page.

Download or Print individual Outward Collection from Dashboard

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

Download or Print individual Outward Collection Amendment - from Amendment View Details page

1. Click View Details of the individual Outward Collection - Amendment.
2. Click Download or Print icon at the top right of the page to download or print Amendment 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 Outward Collections Amendments.

Name	Description	Introduced In
createAmendment	This API creates Outward Collections amendments records.	2023.01
getAmendments	This API retrieves all the Outward Collection amendment records.	2023.01
getAmendmentById	This API retrieves the Outward Collection amendment record by ID.	2023.01
updateAmendment	This API updates the Outward Collections amendments record.	2023.01
updateAmendmentByBank	This API updates an Outward Collections Amendments by Bank record.	2023.01
generateAmendmentReport	This API downloads report for Outward Collection amendments.	2023.01
generateAmendmentsList	This API exports list of Outward Collections Amendment records.	2023.01