Digital L/C officially launched on 15/5 on VietinBank eFAST, the digital banking platform for businesses. The entire L/C issuance process, from document initiation, digital signing, and submission to receiving results, is conducted online via VietinBank eFAST. This allows businesses to transact 24/7 through both web and mobile applications. Eliminating paper documents promotes green operations and enables real-time data processing.
A key feature of Digital L/C is its automatic document drafting capability. The system intelligently retrieves data from the bank's extensive database, including suitable templates for various industries, markets, and partners, as well as information from previous or saved L/C transactions. This data is automatically populated into new documents, simplifying the drafting process, reducing initiation time, and ensuring consistency across transactions.
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Digital L/C integrates numerous automated tools to support businesses during the document preparation process. *Photo: VietinBank*
During creation, the system also suggests L/C clauses that align with international practices, helping businesses finalize content while ensuring compliance. Additionally, important information fields are highlighted and flagged, minimizing omissions and reducing input errors.
A VietinBank representative emphasized that Digital L/C represents a technological advancement, aligning with the bank's customer-centric strategy and digital transformation pillar. It transitions traditional trade finance service delivery to a digital transaction model.
The solution also includes automated calculation and verification tools. The system automatically calculates margin ratios and payment fund ratios according to regulations, ensuring accuracy without manual computations. This saves businesses processing time and mitigates the risk of discrepancies in financial indicator determination.
Concurrently, an automatic logic check mechanism is performed during data entry. This includes cross-referencing timelines such as effective dates, expiry dates, and delivery dates, as well as ensuring consistency between information fields. If an inconsistency is detected, the system immediately alerts the customer, allowing for timely adjustments and preventing errors in subsequent processing steps.
The bank's representative stated that these tools significantly reduce manual input and the potential for errors during document completion. They aim to standardize data and control information accuracy from the point of initiation, thereby enhancing the overall process's consistency and reliability.
In an international trade landscape increasingly demanding speed and flexibility, the digitalization of the L/C issuance process is expected to empower businesses to engage more proactively with partners. This will help them maintain a competitive edge, increase their participation in supply chains, and expand trade operations in a flexible and sustainable manner.
Minh Ngoc
Interested readers can contact VietinBank transaction points nationwide or the business customer care hotline at 1900 558 886 for advice and support.
