THE NEW PARADIGM FOR AN ELECTRONIC DOCUMENTARY RECORD PROPOSED BY BINETIX
In BINETIX PTM the execution of Banking Documentary operations for Bank letters of credit, Collections and Bank guarantees is carried out through the tools for management of Electronic Records, also called Electronic Documentary Records (ERD).
The processing of ERD passes through three main stages:
✓Preparatory stage, during which the necessary data and documents related to a particular transaction, customer, beneficiary, correspondent bank and other operational data are collected. The Preparatory stage is always initiated by a bank expert and emergence the new Documentary Record with a reference number. The Preparatory stage begins with composing a draft of the Record and ends with the final registration of the Documentary Record;
✓Registration stage – covers the period during which a newly created Documentary Record have to be initially processed and accounted by experts. The registration stage runs differently depending on the type of Documentary operations but ends either with the refusal of further processing or with successful registration and readiness to accept further processing;
✓Processing stage of Documentary Record is a stage, during which all business processes related to document processing, payments and closing of financial commitments take place. Feature of this stage is that its duration is not fixed. The closure of financial commitments does not result in closure or limitation of working in a Record due to the dynamics in working with clients, beneficiaries and other correspondent banks.
In terms of BINETIX PTM System, the process of closing commitments is associated with certain off-balance accounting operations, but the Record remains "open" indefinitely available for other operations, including communication via SWIFT or user interaction.
