The BINETIX PTM Financial Platform offers a unique mechanism for unified management and storage of information in working with Documentary Records. This mechanism can be monitored and managed by system users through operational statuses that can transit in each other under certain conditions and rules that shape the life cycle of the Documentary Record.
The diagram below describes the transitions between the statuses of the Documentary Record:
А. Preparation of the Documentary Record
Draft – a status of the Documentary Record that reflects the timing of its creation by an international payment expert prior to its registration and readiness to issue orders. The Draft of the Record is filled in by the expert who collects the necessary information. The System allows a draft of a Record to be created at any time, even in cases such as receiving Letters of credit where the SWIFT receipt according to the draft reference is attached to the Record and the status changes according to the business process (in the given example for Letters of credit the status changes to "Registered"). |
B. Registration of Documentary Record
New – a status of Documentary Record which reflects the readiness the draft of the Record to be used in Documentary operations; Registered – this status reflects the moment when the procedure for accepting the Record for processing of documents and payments was initiated. Also this moment may be related to the issue of an appropriate Order (for example, an Order to issue or advise a Letter of credit). The Record can change its status from Registered to Refused or Accepted according to the business process; Refused – the status reflects the final state of a Documentary Record that is implicitly refused as a result of performed checks or processing orders when issuing or advising. The reasons for refusal may be different and usually depend on the execution of a specific order. |
В. Processing of Documentary Record
Accepted – a status of Documentary Record of a letter of credit that reflects the moment when your organization finally accepts the Record on which other operations such as document processing, payments, other orders, etc. may be performed; For closure - the status of a Documentary Record that reflects the moment when the process of closing the commitment on the issued letter of credit is commenced. There may be situations in which manual operations are needed to be performed and the actions of the experts in international payments, credit control and administration to be coordinated and approved. Business process takes technological time to implement off-balance accounting operations and ends with the status Closed; Closed – the final status of Documentary Record, which reflects the actual closure of the commitment on the Record and the completion of the related off-balance accounting transactions. New orders can not be issued on already Closed Records, but closure of the Record engagement (Closed-Ended dossier) should not restrict the System from receiving SWIFT messages or performing manual accounting operations on the Record. |
