Letter of credit and payment tracking covers logging bank terms, verifying them against sales contracts, and monitoring payment to reconciliation. Done manually, it relies on repetitive data entry and cross-checking, risking missed deadlines and mismatched terms.
An automated version extracts and verifies letter of credit terms, assembles shipping documents, and tracks payment through reconciliation. The result is faster document turnaround, fewer discrepancies, and clearer visibility into outstanding letters of credit.
The full workflow, from trigger to completion.
The automation watches the finance inbox for LC drafts and amendments sent by issuing banks.
The automation reads the attached LC PDF, extracts terms, amounts and deadlines, and logs them to the Excel tracker.
The automation cross-checks every LC clause against the stored sales contract terms and flags any mismatch.
When a mismatch is flagged, the export finance officer reviews it and sends the amendment request.
Once terms are clean, the compiled document package is sent automatically to the negotiating bank.
The automation tracks the due date and matches the incoming payment against the LC amount.
A message confirms payment received in full or flags a delay for follow-up.
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