Document automation & integration process on Letter of Credit
Letter of Credit (LC) is a document issued by Bank. We have Import LC (Requested by Home bank) and Export LC( Requested by Exporters bank).
Ideck is capable of handling both Import LC and export LC. This module is tightly integrated with our EXIM module. When a new LC document receives from the Bank( Copy of document from home back in case of Import LC and copy from customer’s bank on Export LC) we will use built-in algorithm and uploaded template information for extracting the details from the same. First of all, it will try to extract using PDF extractor ( works with PDF documents). If the system is not able to extract values( If the document is not PDF) then we will use OCR technology to extract data.
Once data extracted the system will do the following
- Checks the bank details to identify the LC(Import LC or Export LC)
- Checks if this LC is new or for amendment.
- Checks with SAP(EXIM module) to identify this LC exists or not
- If not exists it will create a new LC in EXIM and returns with reference document number and also save the document in Content server(If configured)
- If LC already exists it will verify the data to make sure this request is for amendment and there is some difference in Quantity or value
- If no difference found, system will throw an error stating-Duplicate LC
- No manual activity on LC creation
- Real time processing of documents
- Dashboards to track LC status
- Customer wise/Bank wise/date wise reports to track LC
- Custom user management for maintaining privilege’s over each documents.
- User can download required fields from LC into any file format like csv, excel etc…so that we can use this for any other internal software’s, auditing etc…
- Easily able to incorporate any type of custom workflows
- LC data extraction with globally accepted OCR engine.
- Automatic notification ,Email triggering for tracking each steps in LC creation.
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