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CORAL™ SmartDoc
Trade Based Money Laundering
CORAL™ SmartDoc
CORAL™ SmartDoc is a web-based platform which make the issuance of letter of credits, guarantee and trade documents for payment in Trade become fast and easy. This platform not only catered for Letter of credits but also for Documentary Collections, Open Account and Supplier Chain Finance. The revolutionary design of CORAL™ SmartDoc could be a front-end tool for Bank’s clients in both Import or Export process. All the stakeholders involved within the trade could be on the same platform to handle all types of Trade Finance transactions.
CORAL™ SmartDoc specifically:
- Facilitate and expedite the issuance of Letter of Credits, Trade documents for payment.
- Trade transaction data is captured from sources without converting image to data.
- Increase operation efficiency among all key stakeholders from LC Applicant, Issuing Bank, Advising Bank, LC Beneficiary.
- Improve the accuracy of Trade documentations.
- Integrates seamlessly with clients’ PO system, Bank’s Credit system, Sanction screening system, AML system, Processing system or account & General ledger to facilitate auto-processing.
- Work from home supported.
- Eliminate courier, accelerating amendment process and expedite turnaround time when all stakeholders are in the platform.
Key Features
Writes PO and LC data into documents automatically reduce manual input.
Guided document checking and linked with defined discrepancy handling process to facilitate bank and client in resolving the issues.
Cross reference document data and integrated automatically.
Customized clients’ document template with digital signature.
Enable e-Presentation of documents between clients and bank, bank to bank.
Clear Audit trial on each process.
Clear transaction history for all activities including amendments and approvals.
Centralized transaction digital storage which minimized physical filing and storage place.
Ease of Purchase Order reconciliation and expedite the buyer to confirm the payable.
Highlight all the transaction in progress and pending items in Dashboard.
MIS on discrepancies enable client to learn from the issue and for Bank Alerts.
Enable Chat room between Importer and Exporter to discuss discrepancies issue and discount request.
Business Objectives - Trade Finance Activities
Digitalization of shipping documents preparation.
End-to-end business process management.
Effective storage and retrieval of historical records.
Simplify the business flows between importers, exporters and banks.
Improve productivities and operational efficiency.
Automate trade finance process, e.g. account posting, compliance checks.
Deepen client relationship.
Supplier chain solutions, e.g., purchase order reconciliation & financing.
Web-based solution – WFH ready.
Major Functions of CORAL™ SmartDoc Module
Guided Process & Data Retrieval
- LC issuance.
- Document preparation and checking.
- Digitize transaction details.
Document Checking
- Auto check on key discrepancies.
- Elaborated discrepancy handling workflow.
- MIS.
Data Mapping
- LC SWIFT message.
- LC details for document preparation and checking.
- Processing and compliance purpose.
E2E Trade Cycle Support
- LC E2E process.
- Documentary collection or Open Account process.
- Supplier Chain process.
Document Preparation
- Defined or customized document template.
- LC and PO data mapping.
- Digital signature.
Purchase Order Support
- Data upload.
- Data reconciliation.
- Data download.
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