2.4.2.4 Processing on Receipt of Loan Disbursement Confirmation
- At Bank A, a facility is required to see the list of Buyer's Credit loans disbursed and pending approval.
- A query facility is provided to filter based on Currency, Importer and Value Date apart from the Buyer's credit reference number and the blockchain smart contract reference number.
- Once the user verifies the Pass-sheet credit, the user will have facility to select the records for further processing and submission.
- On submission of selected records, system generates a FT contract for the amount. Nostro Account will be debited and an Intermediary GL will be credited.
- The FT contract will hold the details of Loan reference of Bank B/C and the Original Bill under LC reference.
- Immediately after creation of FT, system automatically triggers the liquidation of the original Import Bill under LC.
- The status in the Smart Contract will be updated to denote that the disbursed funds have been applied/ utilized.