This solution, designed for exporting clients of the bank, allows them to administer all their Export Letters of Credit operations, from the same notification or confirmation from the bank, up to the presentation of documents, the respective negotiation and payment when it applicable.
Likewise, it allows them to accept or reject all the notifications, confirmations and amendments that the bank receives and notify to them automatically related to their Export LC´s. All of this is available 24 hours a day, seven days a week, 365 days a year and from any part of the world via Internet.
The clients receive SWIFT messages and these are incorporated into the operation, remaining searchable at all times, as well as the notices or advices of confirmation, notification, amendment, discrepancies, etc.
The exporting clients can generate the “remittance or cover letter” with the documents and payment instructions that they will present to the bank. Moreover, the module allows that images of the documents could be sent to the bank before presenting them physically and officially, in such a way that the bank team could check them before to inform the discrepancies found and avoid loss of time in the payments to the beneficiaries. This additional service (which may be charged to the clients) allows you to streamline operations and expediting payments or acceptances to the exporters, which ensures that they prefer working with a bank that offers this service of high value added for the operative process.
Mercury Workflow® helps customers define their own workflows for the control and management of their export operations. It has a task manager to optimize the activities of the credit, taking information adjusted to the need of the type of user.
With this module the beneficiaries have total control of each of the dates and important events of the export documentary credit. The system will give advanced warning and will lead to the operation to realizing in an automatic and easy way; for example, the maturities of the operations, the shipment dates (especially the last ones), the dates of acceptance and rejection of discrepancies, etc.
Through the functionality of “transferable credits” the exporting client can request and control all the transferable LC transactions, and all within the same original operation, supporting therefore the control of the corresponding payments.
Mercury Document Manager® By means of this sophisticated system of images created exclusively for Trade Finance, the exporting client can share their documents with the bank before the official presentation of the original ones. This service of high added value allows the bank to offer an excellent and exclusive service that increases the loyalty of its clients and to charge additional for it.
It is allowed that any document that is wanted to include in the operation, from the opening up to the negotiation and the payment, should be associated with each of the corresponding events, having simultaneously global visibility in any inquiry of the documentary credit.
Mercury Business Intelligence® is the definitive engine for generating “reports and inquiries” for the control and management of the export documentary credits. It allows the clients to have total independence of exploitation of the information that the bank puts at their disposal.
Mercury Messenger® permits a secure and continuous dialogue between the bank and the client that is associated to any export LC event, thus speeding up the entire resolution of the operations, as for example, the acceptance of amendments received, the request of the status that holds the review of documents, etc.
Mercury Filer® This sub-module allows you to manage and control key aspects of the relationship between the client of the bank and participants in all international operations, such as buyers, carriers, insurers and, in general, all those involved in the Supply Chain Finance. This includes buying and selling contracts, purchase orders, proposals, quotes, negotiations of price, etc. and, in general, all the electronic documentation pertaining to the international operations of the exporting customer of the bank.
The possibility of access to all this information on the bank side, offers extremely important business and financing opportunities not only for the exporters; additionally it helps to the international parties by offering clear information about the need of financing, discounts, forfaiting, etc., of the importers, or of other participants, like the need of opening insurance policy, payment to freight forward, packing services, foreign exchange insurances among others.
This unique module on the market offers to banks a new and very powerful tool to help in the administration of the operations of the clients of Trade Finance, which increases client operations with the bank. It also helps penetrate better and more rapidly on the market, attracting a higher clientele but especially loyalty to the clients who use it by having obtained a solution that goes beyond receiving mere notifications or confirmations of operations. It offers them, therefore, an internal solution that improves and positively revolutionizes the clients’ exporting business.
Additionally, this tool is totally integrated with the export LC module of the back-office, providing all the information that the credit needs, avoiding mistakes and recaptures on having treated itself about the same system and, therefore, not being necessary to reintroduce the information. And all this potentially integrated with the ERP of the client if they so wished.