This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Trade Declaration

Every banking institution has to follow the financing of an import or export, to reassure itself of its good outcome and to report to the competent authorities. The customers who are involved in the export or import of goods and services need to fill in a trade declaration. The trade declaration is a document that has all the required details of the trade.

This module allows the user to capture additional trade declaration details, to modify and update them. Also, the user can reverse or cancel a trade declaration that hasn't yet been used.

This module allows users to:

• Locate the valid existing declaration using the declaration number, reference of the mandatory document, the client's account, the client's customer Id, or the period of the trade declaration. Also, the user can modify only the predefined details in this application.
• Reverse or cancel a trade declaration that has been not yet used.
• Update certain declaration details in the declaration application.
• Close or discharge a trade declaration.

A trade declaration needs to be provided by customs to the importers and exporters involved in the trade transactions. The banks customer will need to take the declaration to the bank to be recorded in Temenos Transact. This declaration will act as a limit for the trade transactions like issuance of letter of credits, documentary collections and payments or draft issues done in Temenos Transact. When the declaration is used during trade transactions, the balance in the declaration record will be automatically updated.

The following transactions will be performed using the trade declaration. Customers will use the declaration document in the below transactions, and Temenos Transact will automatically update the declaration balance based on the transaction amount. When the transaction amount is above the trade declaration available balance, Temenos Transact will stop the user from committing the transaction.

• Transfer: Outward remittances and issue of foreign currency draft.
• Trade Finance import LCs, export LCs, outward collections and inward collections and documentary remittances (clean collections).