EP1468385A1 - Transactions d'affacturage forfait - Google Patents

Transactions d'affacturage forfait

Info

Publication number
EP1468385A1
EP1468385A1 EP02784920A EP02784920A EP1468385A1 EP 1468385 A1 EP1468385 A1 EP 1468385A1 EP 02784920 A EP02784920 A EP 02784920A EP 02784920 A EP02784920 A EP 02784920A EP 1468385 A1 EP1468385 A1 EP 1468385A1
Authority
EP
European Patent Office
Prior art keywords
offer
document
seller
bank
documents
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Withdrawn
Application number
EP02784920A
Other languages
German (de)
English (en)
Other versions
EP1468385A4 (fr
Inventor
Tara Kimbrell Cole
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Global Trade Finance Network Pte Ltd
Original Assignee
Global Trade Finance Network Pte Ltd
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from AUPR9695A external-priority patent/AUPR969501A0/en
Priority claimed from AUPS0067A external-priority patent/AUPS006702A0/en
Application filed by Global Trade Finance Network Pte Ltd filed Critical Global Trade Finance Network Pte Ltd
Publication of EP1468385A1 publication Critical patent/EP1468385A1/fr
Publication of EP1468385A4 publication Critical patent/EP1468385A4/fr
Withdrawn legal-status Critical Current

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions

Definitions

  • This invention concerns forfaiting transactions.
  • it concerns methods of operating a computerised forfaiting exchange to develop forfaiting transactions.
  • it concerns a computerised forfaiting exchange.
  • Forfaiting specifically addresses cross boarder trade and was designed to facilitate the export of goods to emerging markets and OECD markets. It involves an exporter that wishes to ship goods and an importer that wishes to receive them. The exporter agrees to deferred payment terms, and the importer arranges a deferred payment (aka 'usance' in Asia) letter of credit with a local issuing bank. The letter of credit will expire unless the goods are delivered by its expiry date. If the goods are delivered the letter of credit may be cashed at its maturity date. The local issuing bank seeks payment from the importer.
  • the exporter After delivery, provided the shipping documents -ire accepted as in compliance with the terms of the letter of credit, and the obligation to pay is accepted or issued by the L/C issuing 'opening' bank, then the exporter has a negotiable instrument that is a trade receivable in the form of a draft, promissory note or other form of documenting a payment obligation which can be held by the exporter until maturity or can be discounted prior to maturity.
  • An exporter that seeks payment prior to the maturity of the obligation may sell the obligation say, to a bank or other purchaser or investor, for its net present value.
  • the sale is 'without recourse' which means that the new owner does not look to the exporter or any subsequent holder or seller for payment in the case of default, but rather to the L/C issuing 'opening' bank as obligor or guarantor, and to the primary purchaser as the party is responsible for having done enough due diligence to ascertain if the obligation is or is not fraudulent. Since the beneficiary of the letter of credit is the exporter, the ownership of the payment obligation must be transferred properly.
  • the new purchaser/holder/owner can subsequently sell the instrument again, and this may create for them an opportunity to generate profit often via an arbitrage based on geographic or other market differences in perspective.
  • the negotiable instrument is the draft or other form documenting the payment obligation and supported by the L/C or original guarantee - not the L/C itself.
  • the exporter may put the entire export transaction in the hands of its bank and merely receive an agreed payment upon shipment or delivery of the goods, as called for in the L C or terms of sale contract.
  • a negotiable instrument arises as a result of the export/import transaction (but only after the goods have been delivered, the documents have been accepted by the L/C issuing bank as incompliance with the terms of L/C, and the acceptance or issuance of the pay obligation by the L/C issuing bank) in the hands of the exporter (unless otherwise specified by the terms of L/C), and is usually held by the exporter's negotiating bank, in compliance with the terms of the L/C or other form of guarantee, issuance or acceptance by the obligor (guarantor) and under authorization by the exporter (unless nominated otherwise in the L/C), and is sold 'without recourse' to the exporter.
  • This process has a number of benefits for both exporters and importers.
  • the exporter can grant credit (deferred payment terms) to foreign buyers without tying up cash flow or assuming all the risks of possible late payment or default.
  • the exporter may also in this way protect against interest and currency rate movements during the credit period. .
  • the importer deals only with its local bank. That bank is best positioned of any to assess the importer's credit risk and extract payment.
  • a 'forfaiting transaction' is defined, in this patent, to mean the transfer of ownership of a payment obligation (asset) in which the buyer forgoes any right of recourse to the exporter and subsequent holder or seller in the event that the obligor is unable to meet the payments required by the obligation (except in the case of fraud), where the payment obligation arises directly from a bank guarantee in any form given in the course of an export transaction and thereby resulting in a cross border trade receivable.
  • a letter of credit USD 1,000,000 is purchased at an interest rate of 8% p.a. for the deferred payment period of 360 days and that interest is discounted from the face at the time of purchase at a straight discount.
  • the purchaser possibly a forfaiter pays USD 920,000 for the debt obligation and later sells it at 7% p.a. interest for duration of the deferred payment period, receiving USD 930,000.
  • the intention of this transaction is to maximize the use of funds and generate revenue.
  • USD 1,000,000 turned 40 times in a period of one year, assuming the same margins, could generate USD 400,000 in revenue.
  • a counter party engaging in a forfaiting operation views this as a better value proposition rather than utilizing its capital to book assets on its balance sheet. If one were to assume the cost of funds of a traditional lender at 3% p.a. and the interest charged 8% p.a, this same transaction would generate USD 50,000 in revenue.
  • the invention is a method of operating a computerised forfaiting exchange to develop forfaiting transactions (as defined) for settlement, comprising the following steps:
  • the offer document contains the following items: a list of classes of asset together with asset selection entry facilities and asset information entry facilities for entry of details of the asset; a list of terms for the offer together with offer selection entry facilities and information entry facilities for entry of details of the offer; a list of offer documents to accompany the offer together with offer document selection entry facilities and offer document attachment facilities for attaching copies of offer documents; a list of undertakings for the seller to make together with undertaking selection entry facilities and undertaking document attachment facilities for attaching copies of undertaking documents.
  • Permitting the seller to create an instance of the offer document by: identifying the asset to be offered by using the asset selection entry facilities and asset information entry facilities; identifying the terms for the offer by using the offer selection entry facilities and offer information entry facilities; identifying the offer documents to accompany the offer by using the offer document selection entry facilities and offer document attachment facilities; identifying the undertakings to be made by using the undertaking selection entry facilities and undertaking document attachment facilities. Permitting the seller to submit an instance of the offer document, so that it becomes available to view by potential buyers from only the classes of buyers identified as being those whom the seller will develop the transaction.
  • the counter offer document contains counter offer selection and counter offer information entry facilities for entry of variations to an offer document instance
  • the independent nature of the exchange creates a trusted medium for developing the transactions for settlement.
  • the exchange provides a step by step process by which the transactions are developed. It may require all the necessary documents to be completed before the next step can be taken, and it may guide the process to the extent of identifying mistakes and even offering corrections.
  • the transaction may continue until all terms are matched. Settlement may then take place at the exchange or by any other suitable means. Where a complete match is not achieved, settlement may still be achieved, say by further off-line negotiation.
  • the document available at the web site may contain electronic links to independent sources of financial information, this enables the parties to conveniently check financial information such as rates and the standing of the obligor without having to exit the exchange.
  • Links may also be provided to standardized forms of documents, such as asset defining documents used to support instances of the offer document. This enables the parties to check whether any document offered complies with the standard, and to determine any differences. The differences may be automatically flagged. It also gives the party the option of using the standard documentation, which may ease the subsequent transaction.
  • the exchange may also provide on-line assistance in completing the process, as well as access to expertise and other sources of advice.
  • the exchange could operate to make forfaiting transactions available to local banks, reducing its cost and increasing the volume of forfaiting transactions.
  • An asset screening document may also be provided for use by potential buyers to select the types of asset they wish to view, and not view. In this way a potential buyer will only see assets that a seller wants to sell to buyers of their class, and which are of the selected types. This renders the initiation of transactions more efficient.
  • the invention is a computerised forfaiting exchange, comprising:
  • a web site accessible via the Internet to sellers and buyers using • computers.
  • the processor being further operable on request either to permit the entry of selections and information to create instances of documents on-line.
  • the processor being further operable to permit viewing of instances of offer documents by potential buyers, depending upon the selections and entries made by the seller in counter party selection document.
  • the processor being operable on request to print an offer document for use off-line.
  • the invention is another method of operating a computerised forfaiting exchange to facilitate a forfaiting transaction, comprising the steps of:
  • the offer document contains the following items: a list of classes of asset together with asset selection entry facilities and asset information entry facilities for entry of details of the asset, a link to an independent source of financial information, a list of terms for the offer together with offer selection entry facilities and information entry facilities for entry of details of the offer, a list of offer documents to accompany the offer together with offer document selection entry facilities and offer document attachment facilities for attaching copies of offer documents, links to standardized forms of offer documents, a list of undertakings for the seller to make together with undertaking selection entry facilities and undertaking document attachment facilities for attaching copies of undertaking documents, links to standardized forms of undertaking documents. Permitting the seller to download the offer document.
  • Fig. 1 is a diagram of a web site map.
  • Fig. 2 is a diagram of the underlying parties and the business flows that precede a forfaiting transaction executed via the software on (or and) the website using the 'primary platform' according to the invention. The portion that is addressed on the web site is encircled for clarification sake.
  • Fig. 3 is a flow chart of the business flows on the primary platform.
  • Fig. 4 is a diagram of the underlying parties and the business Hows that precede a forfaiting transaction executed via the network using the software on (or and) the 'secondary platform' according to the invention. The portion that is addressed on the web site is encircled for clarification sake.
  • Fig. 5 is a flow chart of the business flows on the secondary platform.
  • the computerised forfaiting exchange comprises a web site having site map 10 illustrated in Fig. 1. This site map is accessible by both bankers and other investors, and provides gateways into a primary platform 11 and a secondary platform 12.
  • the primary platform is designed to facilitate the development of transactions: the sale of receivables held by the exporter 21 to a third party purchaser 23 that is not the exporters negotiating bank 26.
  • the transaction is between and exporter 21, a third party purchaser 23, and the negotiating bank 26; as illustrated in Fig. 2.
  • the exporter 21 has signed a sale/purchase agreement with the importer 22 for goods to be imported.
  • the importer's bank 24 opens the deferred payment letter of credit in favour of the exporter 21.
  • the letter of credit is sent to the exporter's advising bank 25.
  • the advising bank 25 advises the exporter that the letter of credit has been opened.
  • the exporter then delivers the goods to the importer and presents all the necessary shipping documents for draw down of the letter of credit to its negotiating bank 26, which in turn forwards them to the importer's bank 24 for acceptance (unless otherwise instruct under the terms of the L/C).
  • the (importer's) L/C issuing Opening' bank 24 accepts the shipping documents as in compliance with the terms of the letter of credit and the negotiating bank 26 draws (sends) a draft(s)/bill(s) of exchange on (to) the importer's bank 24.
  • the exporter is the beneficiary of the draft(s).
  • this telex fully states the payment obligation undertaken in the hard copy of draft(s) or bill(s) of exchange and thereby confirms the amount(s) due on day/month/year date(s), that the bank will under no circumstances release the bill(s) of exchange to any other party, person or institution other than exporter and/or its assignee(s) and undertakes to pay upon presentation in effective currency at maturity the referenced amount(s), without any deductions whatsoever, to the exporter and/or its assignee(s).
  • the negotiating bank 26 informs the exporter that it (the exporter) has received the bona fide claim-payment obligation.
  • the forfaiting transaction commences its execution via the website.
  • the bank would have most likely consulted the software and platform for documentation forms and assistance in preparing the underlying documents to be authorized and or signed by the exporter prior to this point in time and in preparation for this point in time.
  • the bank informs the exporter that it has a bona fide claim, transmitting all the details of that claim/payment obligation, asks if the exporter would like to authorize the bank to initiate a sale of the receivable (transfer of the payment obligation) on Global Trade Finance Network's primary platform and if so at what price or price range, terms and provide a forfaiting contract between the bank and the exporter online for their signature and includes all the forms and authorizations necessary for the bank to execute such a transaction on behalf of the exporter.
  • This can be executed using the software down loaded in hard copy, or online for an offline close or a completely digital execution.
  • the exporter then appoints its negotiating bank 26 to negotiate the sale of the asset and the negotiating bank goes out to find a third party purchaser 23 via the website.
  • the exporter without recourse to itself endorses the draft to a third party purchaser 23, assigns the rights under the deferred payment letter of credit and commercial invoice(s) to a third party purchaser, notifies the negotiating bank and the L/C 'opening' bank of its assignment. There is an option to complete these documents in blank (without the name of the third party purchaser) to be held in trust and under specific instructions (or not) by the exporter's negotiating bank.
  • the negotiating bank is now in a position to seek a third party purchaser and seeks to find a match for the terms and documents which may be negotiated or not via the website distribution/exchange system.
  • the negotiating bank acting as agent on behalf of the exporter acknowledges to the third party purchaser that they have been informed of the assignment.
  • the third party purchaser reserves the right to request the negotiating bank to notify the importer's L/C 'opening' bank 24 of the assignment of the claim. In this case the negotiating bank does this.
  • the importer's L/C 'opening' bank 24 then acknowledges their acceptance of the assignment and their obligation to pay irrevocably and directly to the third party purchaser 23 or according to their instructions.
  • Generic documents acknowledging the sale/transfer of ownership and obligation(s) to pay are executed online or viewed online and executed offline and then the counter parties will have the choice to close offline or online via a digital execution of the same.
  • the counter parties will be able to choose 1) digital or non digital escrow services, warehouse services or neither, and 2) offline hard copy close or online digital closing.
  • the offline option has been chosen prior to commencing the transaction, all the hard copy original and conformed copy documents are forwarded to the buyer, an escrow agent or warehouse facility for hard copy review and acceptance.
  • Settlement then takes place between the exporter 21 and the third party purchaser 23 via the negotiating bank 26.
  • the third party purchaser 23 wires the funds to the negotiating bank 26 for the account of the exporter.
  • the third party purchaser 23 Upon maturity of the deferred payment letter of credit, the third party purchaser 23 (provided it has held the receivable until maturity) receives the payment directly from the importer's bank 24 or wired via the negotiating bank depending on the agreed upon terms. Of course if the third party purchaser(s) subsequently sell(s) the asset, payment is made to the current holder/owner of the asset provided a bona fide transfer has been executed and or the L/C issuing bank accepts the transfer as such.
  • the primary platform 11 of the forfaiting exchange 10 facilitates this transaction by providing a number of online, interactive, multi-lingual 'smart' documents and 'smart' guided processes for completing and submitting the documents either in hard copy or digitally for a hard copy or digital close.
  • the primary platform also aggregates and provides access to information and links, such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • risk management information such as financial information feeds like Reuters and the latest LIBOR rates.
  • speciality bulletin board like ratings, Uniform Code of Practice (UCP 500), indicative
  • Multilingual administrative expertise (vocal and digital) is provided on specific transactions on a 'pay per use' facility (packages of time can also be purchased in advance). Administrative expertise is provided on generic documents free of charge. Information is also provided about procedures for primary and secondary financing and underlying transaction structures. All of this multilingual expertise & support critical to the transaction process and distribution is provided twenty four hours online or via telephone. At the outset of the aforementioned transaction the bank 26 informs the exporter that they have a bona fide claim.
  • the advising and negotiating bank is the Singapore Bank Limited and it advises its client, the exporter's Singapore Technologies Engineering Limited (STEL) by filling in the relevant details in entry boxes of the document that follows:
  • MATURITY DATE 18/10/200--I Credit Information TENOR: 181 + Days Enhancement Tools
  • STEL is invited to indicate, by clicking the radio button below the first paragraph, whether it wishes to initiate the transaction, and if so, to complete the remainder of the documents:
  • STEL completes the following document to instruct and authorize the bank to seek a buyer under the terms specified (In actuality much of this information has already been completed by the bank that has it on record and the exporter is thereby then in that case the authorized party re-stating it), and contracts with the bank for these services.
  • the Negotiating Bank will issue an irrevocable payment instruction to its correspondent in the country of the currency in which the draft and L/C are denominated. With an irrevocable payment instruction that indicates that upon receipt of the funds, the Correspondent Bank must wire the funds directly to the Purchaser and not credit the Negotiating Bank's account.
  • ISTEI-j authorises the Negotiating Bank to use custodian services, if requested by the Purchaser.
  • the negotiating bank retains the choice to pass on to the exporter all offers, or specified offers received on behalf of the exporter, or to load the offer margins or add fees.
  • the Singapore Bank Ltd 25/26 will be registered on the primary trading platform in order to access its services, and will have an identifier and password to enable them to access the platform. Each transaction they enter will have a random alphanumeric code assigned to it.
  • the bank receives the offer, adjusts the offer, or not as the customer relationship management may dictate and/or each case may be and submits it to the primary trading platform 32.
  • Undertakings the bank may be prepared to make in support of the offer. Undertakings the exporter is prepared to make to support the offer, but the bank may customize the undertakings by the exporter with the agreement of the exporter, the bank may request signature(s) on documents that leave the purchaser's name in blank before offering the receivable for sale on the primary platform. Note - the bank is not required to produce the exporters permission or agreement for the bank to load margins or add fees, etc. that is left to the bank and its relationship with its exporter.
  • the negotiating bank acting as agent for the exporter offers the transaction on the platform to potential buyers; this is indicated at 32 on Fig. 3.
  • a potential buyer may view the offering(s) for sale, only viewing qualified assets according to the indications that they have preselected; as shown at 33 on Fig. 3. Should they choose to purchase 34, they are then presented with a guided submission to complete and return 35.
  • the negotiating bank will be able to view any counter offers subsequently received, 36 and if the negotiating bank so chooses, may make them visible to the exporter, before and/or after loading pricing and adding fees.
  • the negotiating bank controls the Customer Relationship Management (CRM) features.
  • CCM Customer Relationship Management
  • the 'View counter offers summary window' example shown below there are four counter offers received.
  • the buyer known as "juyh ⁇ "
  • the buyer wishes to negotiate price and terms, but not terms and conditions. They wish particularly to buy draft No 1 for a particular price.
  • offer #2 the buyer wishes to buy two of the drafts.
  • offer #3 the buyer desires a different discount equation, straight discount in alternative to discount to yield. All industry words are explained upon a "click”.
  • offer #4 the buyer wishes to buy four of the drafts.
  • DRAFT NO. 3 AMOUNT: 2,966,666.66 MATURITY DATE: 18/10/2002 TENOR: 546 Days +
  • the negotiating bank may choose to accept a counteroffer, or to continue negotiation on any or all of the offers by returning further counteroffer documents, 37.
  • the buyers can also choose to negotiate by returning counter offer documents, 38.
  • payment terms are agreed and accepted by both parties, 39.
  • both the exporter 21 and the buyer 23 take part in the process anonymously until sufficient or all terms have been agreed for them to settle the negotiation. It should also be appreciated that the information they provide to each other is controlled by the offering institution excluding obligatory fields. Guidance is given and documents proposed via the online documents. At many places during the negotiations the forms provide links to obtain latest news and credit information as well as credit enhancement and software support tools that assist in developing the transaction.
  • the secondary trading platform 12 is provided for a slightly different transaction, that is the sale by the first (primary) purchaser of the exporter's receivable to a second purchaser 27. Subsequent sales require minor variation of the following. Nevertheless it enable the primary purchaser to revisit, amend and or enhance its underlying documentation with the exporter in order to utilize best practice documentation and procedures. Alternatively standard documentation and procedure can be engaged from the outset by the bank to execute the purchase form the exporter.
  • the exporter 21 has signed a sale/purchase agreement with the importer 22 for goods to be imported.
  • the importer's L/C 'opening' bank 24 opens the deferred payment letter of credit in favour of the exporter 21.
  • the letter of credit is sent to the exporter's advising bank 25.
  • the advising bank 25 advises the exporter that the letter of credit has been opened.
  • the exporter then delivers the goods to the importer and presents all the necessary shipping documents for draw down of the letter of credit to its negotiating bank 26, which in turn forwards them to the importer's L/C 'opening' bank for acceptance.
  • the (importer's) L/C issuing 'opening' bank 24 accepts the shipping documents as in compliance with the terms of the letter of credit and the negotiating bank 26 forwards on behalf of the exporter the draft(s)/bill(s) of exchange that the exporter has drawn to the importer's bank 24.
  • the exporter is the beneficiary of the draft(s).
  • Upon the (importer's) L/C issuing bank's 24 acceptance of the draft(s) a negotiable instrument is born.
  • this draft(s) or bill(s) of exchange fully states the payment obligation undertaken by the hard copy draft and thereby confirms the amount(s) due on day/month/year date(s), that the bank will under no circumstances release the bill(s) of exchange to any other party, person or institution other than exporter and/or its assignee(s) and undertakes to pay upon presentation in effective currency at maturity the referenced amount(s), without any deductions whatsoever, to the exporter and/or its assignee(s).
  • the negotiating bank 26 informs the exporter that it, the exporter, has received the bona fide claim-payment obligation.
  • the forfaiting transaction (the sale/transfer of ownership of the receivable/payment obligation without recourse to the exporter/the beneficiary) is executed between the exporter and its negotiating bank which is also the first (primary) purchaser. This may be executed with the website or not.
  • the negotiating bank also first purchaser (primary purchaser) informs the exporter that it has a bona fide claim.
  • the ownership of the payment obligation must be transferred properly to the first (primary) purchaser that in this example is also the negotiating bank, and this transfer usually includes the execution of an acceptance of the assignment of the underlying obligation by the L/C issuing 'opening' bank or other form(s) of obligation (usually the initial guarantor), the exporter and the new purchaser/holder/owner. And an acknowledgment of the assignment of the underlying obligation to the new purchaser/holder/owner by the L/C 'opening' bank and negotiating banks.
  • the exporter has already agreed to sell this payment obligation to its negotiating bank which becomes the first purchaser (aka primary purchaser).
  • the draft has been endorsed 'without recourse' to the exporter and the exporter assigns its rights under the letter of credit to the first purchaser (in this example the first purchaser, advising and negotiating bank are the same).
  • the first purchaser (formerly the negotiating bank) pays the exporter the discounted proceeds.
  • the negotiating bank now the first purchaser has thereby purchased the payment obligation and takes assignment of the rights under the letter of credit and commercial invoice.
  • the bank may hold the asset or decide to sell it onward immediately.
  • the first purchaser formerly the negotiating bank seeks a second purchaser or secondary purchaser.
  • the information requested on the transaction is managed in three sections: 1) Documentation on the underlying export import transaction, 2) Documentation obtained by the first purchaser on the transfer of ownership from the exporter to the first purchaser, 3) Documentation the second seller is able and/or willing to provide to the second purchaser.
  • the first purchaser When a secondary purchaser is found and the terms confirmed, the first purchaser 'without recourse' to itself endorses the draft to the second purchaser.
  • the first purchaser assigns all the rights it has obtained from the exporter's assignment under the letter of credit to the second purchaser 27 and obtains and issues all the required acknowledgments.
  • the second purchaser 27 wires funds to the first purchaser 26 (formerly the negotiating bank).
  • the second purchaser Upon maturity of the deferred payment letter of credit, provided the second purchaser holds the asset until such time, the second purchaser presents the draft to the L/C issuing (opening) bank 24 for payment and receives payment directly from the L/C 'opening' bank unless payment has been routed otherwise as per items 15 (a) (b) and (c) below.
  • the platform software guides the first (primary) purchaser (formerly the negotiating bank) through the proper orderly preparation of conformed copies of the documents representing the underlying trade transaction, the transfer of ownership from the exporter to the first purchaser using good practice process and procedures, and the onward sale of the asset to a second purchaser, and provides guidance and process for all the endorsement(s) and assignment(s) made by the exporter to the first purchaser and acknowledgment(s) by and other documents from the negotiating bank and others (as the case may call for).
  • the platform (software) provides the same for the sale from the first purchaser to the second purchaser.
  • the seller On the secondary platform the seller must be a holder/owner of the asset and not the original beneficiary (the exporter) which is why it is called the secondary platform.
  • the first purchaser/holder (and second seller) is usually but not necessarily a commercial bank such as the exporter's negotiating bank, or a third party bank, forfaiting company or finance company.
  • a sale(s)/purchase(s) 'matched' on the secondary platform can be executed with (sold to) banks, non-bank financial institutions, non-financial institutions and packagers.
  • the selling institution will select counter parties by filling in the following form.
  • the buyer fills in a corresponding form to select the sellers from whom it is willing to buy (and/or those from whom it is not willing to buy). This is optionally executed at two levels first for overall, policy level broad criteria and second for the specific asset(s) to be sold.
  • Select Buyers that will view offers Select Buyers that will be excluded from viewing offer.
  • the anonymous seller then completes an 'Asset Offer Guided submission', as indicated at 51 on Fig. 5. This involves providing details about themselves, details about the broad criteria for the transaction, the asset, the terms of the offer, the documentation and the undertakings to be made. All of this information is available only to platform members for security and avoidance of fraud, some fields are optional, some obligatory come confidential only for the platform's databank for security and avoidance of fraud.
  • Non Financial Institutions Send to located in country ⁇ O List of selected countries
  • Step 1 Describe Asset Offer : Worksheet * obligatory field
  • AMOUNT [USD 1,375,000.00
  • MATURITY DATE 15/10/01 MATURITY DATE:
  • AMOUNT [USD 1,375,000.001 AMOUNT:
  • DRAFT NO. 10 DRAFT NO.
  • AMOUNT USD 1,375,000.001 AMOUNT:
  • MATURITY DATE 10/10/02 MATURITY DATE:
  • AMOUNT USD 1,375,000.00
  • AMOUNT USD 1,375,000.00
  • MATURITY DATE 08/04/03 MATURITY DATE:
  • DRAFT NO. 5 DRAFT NO. 12:
  • AMOUNT AMOUNT:
  • DRAFT NO. 6 DRAFT NO. 13:
  • AMOUNT AMOUNT:
  • DRAFT NO. 7 DRAFT NO. 14:
  • AMOUNT AMOUNT:
  • MATURITY DATE MATURITY DATE: TENOR: 1 1 days TENOR: days
  • Step 2 Terms of Offer: Worksheet obligatory field
  • Step 3 Guided Documents submission: Worksheet Interactive guided process is available under Document and Procedures. If scanning, prepare and authenticate electronic copies of documents to be submitted.
  • the Seller being the First Purchaser and Second Seller will sign a Purchase Contract signed with the Buyer, the Second Purchaser.
  • Second Seller being the First Purchaser to the Buyer, being the Second
  • the offering will then be allocated an alphanumeric code to assure the seller's anonymity, "'Harvy 3" in this case, and will be displayed 52 along with other offerings on the platform.
  • the buyer sees a condensed form of the documents completed by the sellers since they only see the fields that have been completed by the seller. At the same time the buyer sees high level information so that the eye can scan many transactions, and drill down to see, terms details of standard documents, seller's documents, or complete offer. The buyer can flexibly move in and out of any of these documents and categories. The buyer then has the option to flag transactions and documents of interest for further consideration, one such flagged transaction as follows:
  • Type of Seller offering ⁇ First Purchaser/Second Seller
  • DRAFT DRAFT NO. 1:
  • LIBOR Options ⁇ Libor fixing 2 days before disbursement INTEREST BASIS: ⁇ 365 days over 360 days DAYS OF GRACE: O DAYS
  • days of grace Due to trade finance practitioners' historical experience of delays in repayments and settlement procedures with certain countries and/or guaranteeing banks, the practice of anticipating these delays and factoring them into the discounting developed and these days are known as "days of grace". They are added to the final matu ⁇ ty and thereby discounted in advance whether actual or not.
  • the buyer can then decide to accept the offer or negotiate the offer by making a first counter offer against the offer by filling in the following counteroffer document 55.
  • this counter offer document the buyer indicates that it is wants to negotiate price, terms, calculation used to arrive at the terms, documents to be provided including those not yet nominated in the offer document, content of documents to be provided and other conditions.
  • the buyer is willing to purchase three out of the four drafts on the conditions shown.
  • the buyer has the flexibility to indicate whether he 'requests' or 'requires' documents and to obtain answers that 'co ⁇ -mit', refuse or indicate 'best efforts' as the case may be, emulating the flexibility of a voice negotiation.
  • the counteroffer is completed to the buyer's satisfaction, the buyer submits it, by clicking the 'Submit Counteroffer' button, and the counter offer is subsequently received by the seller 56.
  • MAXIMUM TENOR 720days Enhancement Tools Do you wish to negotiate price/terms? ⁇ yes O no
  • the seller then makes a second offer 57 in response to the buyer's first counter offer by filling in another counteroffer document.
  • the seller offers to sell two out of the four drafts, changes the terms, changes the calculations used to arrive at the terms, offers some revised documents and offers some new documents required by the potential purchaser in its counter offer.
  • the summary of other offers on this receivable that the seller has received may include stand alone offers on the other remaining drafts and the seller may choose to sell those elsewhere, in other words to mix and match offers and counter offers in order to sell all of the drafts associated with this specific export. Multiple negotiations can be carried out simultaneously by one counter party.
  • the system supports and assists the stripping of these assets into component parts for sale separately.
  • this second offer is reflecting the terms of the seller's second offer with no deviation, so it is the buyer making a counter offer based on the seller's revised terms of offer. Nevertheless the negotiation process could have gone on for as many rounds as the counter parties would have needed to settle the terms.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Strategic Management (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Development Economics (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Engineering & Computer Science (AREA)
  • Theoretical Computer Science (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Document Processing Apparatus (AREA)

Abstract

L'invention concerne des transactions d'affacturage à forfait, notamment des procédés pour réaliser un échange d'affacturage à forfait informatisé pour développer les transactions d'affacturage à forfait. Elle concerne également un échange d'affacturage à forfait informatisé, cet échange permettant aux parties d'examiner les types des contreparties et leurs types d'engagements, afin de rendre ces transactions plus efficaces. La présente invention fournit aussi une aide en ce qu'elle assure l'utilisation de la documentation appropriée, et que cette documentation est correctement complétée.
EP02784920A 2001-12-20 2002-12-19 Transactions d'affacturage forfait Withdrawn EP1468385A4 (fr)

Applications Claiming Priority (5)

Application Number Priority Date Filing Date Title
AUPR969501 2001-12-20
AUPR9695A AUPR969501A0 (en) 2001-12-20 2001-12-20 Forfaiting transactions
AUPS0067A AUPS006702A0 (en) 2002-01-21 2002-01-21 Forfaiting transactions
AUPS006702 2002-01-21
PCT/AU2002/001726 WO2003054751A1 (fr) 2001-12-20 2002-12-19 Transactions d'affacturage à forfait

Publications (2)

Publication Number Publication Date
EP1468385A1 true EP1468385A1 (fr) 2004-10-20
EP1468385A4 EP1468385A4 (fr) 2010-07-07

Family

ID=25646865

Family Applications (1)

Application Number Title Priority Date Filing Date
EP02784920A Withdrawn EP1468385A4 (fr) 2001-12-20 2002-12-19 Transactions d'affacturage forfait

Country Status (7)

Country Link
EP (1) EP1468385A4 (fr)
JP (1) JP2005524887A (fr)
AU (1) AU2002350278B2 (fr)
CA (1) CA2511131A1 (fr)
NZ (1) NZ534130A (fr)
RU (1) RU2323478C2 (fr)
WO (1) WO2003054751A1 (fr)

Families Citing this family (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
EP1803101A1 (fr) * 2004-10-08 2007-07-04 Gresham Computer Services Limited Systeme de paiement pour des transactions, base sur ordinateur, et organe d'archivage

Family Cites Families (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
CN1439142A (zh) * 1998-12-23 2003-08-27 大通银行 包括生成、处理和跟踪在内的贸易运作及贸易单证的集成系统和方法
EP1200909A2 (fr) * 1999-04-21 2002-05-02 John D. Redding Systeme, procede et articles pour faciliter des contrats a option garantis

Non-Patent Citations (3)

* Cited by examiner, † Cited by third party
Title
EPO: "Mitteilung des Europäischen Patentamts vom 1. Oktober 2007 über Geschäftsmethoden = Notice from the European Patent Office dated 1 October 2007 concerning business methods = Communiqué de l'Office européen des brevets,en date du 1er octobre 2007, concernant les méthodes dans le domaine des activités" JOURNAL OFFICIEL DE L'OFFICE EUROPEEN DES BREVETS.OFFICIAL JOURNAL OF THE EUROPEAN PATENT OFFICE.AMTSBLATTT DES EUROPAEISCHEN PATENTAMTS, OEB, MUNCHEN, DE, vol. 30, no. 11, 1 November 2007 (2007-11-01), pages 592-593, XP007905525 ISSN: 0170-9291 *
See also references of WO03054751A1 *
The claimed subject matter relates to processes comprised in the list of subject matters excluded from patentability under Art. 52(2) and (3). The only technical aspects relate to the use of well known general purpose data processing equipment. See also OJ of 01.10.2007, pages 592-593. *

Also Published As

Publication number Publication date
CA2511131A1 (fr) 2003-07-03
RU2323478C2 (ru) 2008-04-27
NZ534130A (en) 2005-01-28
WO2003054751A1 (fr) 2003-07-03
AU2002350278B2 (en) 2006-10-12
EP1468385A4 (fr) 2010-07-07
AU2002350278A1 (en) 2003-07-09
JP2005524887A (ja) 2005-08-18
RU2004122083A (ru) 2006-01-20

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