1. Product Release Note
  2. Preface
  3. Release Enhancements
  4. Guarantees / Stand-by-LCs

Guarantees / Stand-by-LCs

  1. Accountee and Applicant Bank as Counterparty
    • System enhanced to support Accountee and Applicant Bank as Counterparty of Guarantees and Standby LCs
  2. Auto Renewal of Open-Ended Guarantees
    • System enhanced to support auto renewal for Open Ended Guarantees during LCEOD batch. Expiry date will be extended based on applicable rule URDG or other than URDG. AMND will be triggered and MT767 will be generated with extension details in 72Z.
  3. Conditional Guarantees with and without Expiry Type
    • System enhanced to support Conditional Guarantees with and without Expiry type. Conditional Guarantees – With Expiry will support existing functionality of Conditional Guarantees
    • Conditional Guarantees – Without Expiry is introduced with below features:
      • Tenor is defaulted with 3 years for guarantees and 3 years 30 days for counter guarantees with 3 years for local guarantees.
      • Auto Renewal is not applicable.
      • Expiry Condition should be provided.
      • MT760.23B (Expiry Type) will be generated with COND and 31E (Date of Expiry) will not be generated.

Parent topic: Release Enhancements