Difference between revisions of "IS480 Team wiki: 2015T1 A3xy ProjectOverview"
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+ | '''Business Scenario'''<br/><br/> | ||
+ | <ol class="d"> | ||
+ | <li>A Singapore based importer and a China based exporter agree to conduct business. The exporter wants a letter of credit to guarantee payment.</li> | ||
+ | <li>The importer applies to his bank for a letter of credit in favour of the exporter.</li> | ||
+ | <li>The importer's bank approves the credit risk of the importer, issues and forwards the credit to its correspondent bank (advising). The correspondent bank is usually located in the same geographical location as the exporter (beneficiary).</li> | ||
+ | <li>Advising bank will authenticate the credit and forward the original credit to the exporter (beneficiary).</li> | ||
+ | <li>The exporter (beneficiary) ships the goods, then verifies and develops the documentary requirements to support the letter of credit. </li> | ||
+ | <li>The exporter presents the required documents to the advising or confirming bank to be processed for payment.</li> | ||
+ | <li>Advising or confirming bank examines the documents for compliance with the terms and conditions of the letter of credit.</li> | ||
+ | <li>If the documents are correct, the advising or confirming bank will claim the fund by debiting the account of the issuing bank.</li> | ||
+ | <li>Advising or confirming bank will forward the documents to the issuing bank.</li> | ||
+ | <li>Issuing bank will examine the documents for compliance. If they are in order, the issuing bank will debit the importer's account.</li> | ||
+ | <li>Issuing bank then forwards the documents to the importer. </li> | ||
+ | </ol> | ||
+ | |||
+ | <br/><br/> | ||
</div> | </div> | ||
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Revision as of 20:16, 17 August 2015
Project Description | Motivation | Scope | Technologies | X-Factor |
Project Description The proposed web application, SMU tBank Trade Finance will consist of the following modules:
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