In an effort to sharpen the competitiveness of your trade-financing department and to empower your bank to handle a high volume of credit transactions Oracle Banking Trade Finance Cloud Service is designed with the following features:

• The Islamic Letters of Credit module supports the processing of all types of clean and documentary Islamic LCs.
  These include:

  • Import Islamic LCs
  • Export Islamic LCs
  • Guarantees
  • Shipping Guarantees
  • Clean Islamic LCs
  • Standby Guarantees
• The Islamic LC module is designed to handle all the events in the life cycle of an Islamic LC. The booking, subsequent amendments and an availment can be processed automatically. The messages and advices applicable for each event are also automatically generated. The messages are communicated done through SWIFT, TELEX, mail, or any other compatible medium.
• The product definition function enables you to create products for specific services you offer. This offers your customer flexibility as well as quick and efficient processing of contracts.
• The product definition covers all the key features of an Islamic LC. For example, details of documents that should accompany it, the free format messages that form part of the correspondence, the advices to be generated for various events, the accounting entries to be passed for an event, the commission and tax handling specifications.
• The details of documents, free format messages, and commodities are defined only once and can be retrieved whenever needed. This reduces the effort involved in the capture of Islamic LC details, thus rendering it faster and error free. The flexibility built into the system ensures that you can modify these details to suit the requirement of each Islamic LC.
• The copy feature further simplifies, the input processing, for contracts.
• The Central Liability sub-system automatically controls the booking of an Islamic LC against the credit lines assigned to the customer before the bookings are made.
• Oracle Banking Trade Finance Cloud Service supports the concept of ‘specialized services branch’ concept. If you have trade financing expertise at only one branch, say the Head Office (HO) and Islamic LCs for customers of any branch is processed only through the HO, Oracle Banking Trade Finance Cloud Service offers absolute ease of operations. The Islamic LC can be processed for a customer of any branch, in the same way as you would, for a customer of your own branch.
• The module supports automated follow-up for commission and charge payments, confirmation and acknowledgments.
• Graphic User Interface (GUI) facilitates ease of input. Pick-lists have been provided wherever possible. This makes the module both efficient and easy to use.
• The media supported include Mail, Telex and SWIFT
• The National Language Support (NLS) features are available.
• LCs are governed by the Uniform Customs and Practice (UCP) which is published by the International Chambers of Commerce (ICC) Paris, France. You can indicate that the Islamic LCs issued at your bank fall in line with the UCP, which is regarded as a rule book by virtually all banks in the world.