The guarantee of timely collection/payment for documentary transactions
- ¿ Autonomy from the underlying commercial transaction.
- ¿ Elimination/mitigation of risks typically associated with foreign trade
Documentary credit is an instrument for settling foreign commercial transactions by which the bank undertakes to pay a given amount (at sight or at maturity on behalf of the ordering party – “applicant”) to the beneficiary, provided that the latter submits documents as per the terms set out in the documentary credit.
- guarantees the beneficiary that the payment will be settled, according to the required terms described by the documentary credit
- guarantees the applicant that the payment to the beneficiary will be made only upon the presentation of documents in compliance with t the terms and conditions set out in the credit;
- can be used both for the supply of goods and for other purposes (e.g., for turn-key delivery of entire plants).
Inbiz, the Corporate Internet Banking platform of Gruppo Intesa Sanpaolo, allows business to simplify the management and monitoring of complex transactions by:
- communicating directly with Intesa Sanpaolo SpA with the platform at every step of the documentary credit process in case of :
- import documentary credits to be issued - (issue request , digital signature of the contracts, both in case of issuing and in cas of amendments, drawing and acceptance of documents, discharge etc ) and
- export documentary credits to be received – - (pre-advice, notification, drawing, amendments etc);
- consulting reports of documentary credits managed through the platform in real time;
- cutting the processing time;
- allowing several users to use the application at the same time with different levels of personalised access and operations.