| BDd Databases • Bill of Lading Terminology • Documentary Credit • Foreign Trade (Multilingual documentation: english, spanish, french and deustch) • The Euro • Customs • Intrastat • Foreign Trade Terms (Glossary) • Combined Nomenclature • Incoterms (Sharing of expenses) • Incoterms 2000 (Differences between Incoterms 1990-2000) |
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ON-LINE
PAYMENT SYSTEMS
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SCiNet has developed WTSystem On-line, which allows automatic commercial operations in international currencies (unlimited) as well as for operations between Associates, by using ECECs (Electronic Commercial Exchange Certificates) issued by SCiNet for Exchange Operations involving exchange or barter through the reciprocal acknowledgment of ECECs, which makes it possible to tap an exponentially growing market independently of conventional banking procedures, which in most part are technologically obsolete and outdated (See our DEMO)
SCiNet associate can operate (24 hours a day, 365 days a year) with the Operations Center through an interactive interface: offer products and services through by directly interacting with the operations centers (in real time), and issue documentary letters of credit and insurance policies automatically by selecting one of the following alternatives:
a) All Commercial Procedures (Incoterms): EXW Ex Works, FAS Free Alongside Ship, FCA Free Carrier, FOB Free on Board, CFR Cost and Freight, CPT Carriage Paid To..., CIF Cost, Insurance and Freight, CIP Carriage and Insurance Paid, DAF Delivery at Frontier, DES Delivered Ex Ship, DEQ Delivered Ex Quay, DDU Delivered Duties Unpaid, and DDP Delivered Duties Paid;
b) All Operating Procedures, Expenses (at Origin/Destination) and Invoicing: Goods / Commodities / Services: packing, exporter's warehousing charge, domestic transportation, exit terminal expenses, international transportation, cargo insurance, arrival terminal expenses, import customs expenses, domestic transportation, unloading at factory/warehouse, sale at origin/destination, type of transportation;
c) Order and control payment as well as Irrevocable and Confirmed Automatic Documentary Credit Transactions: one single operation instead of 10 to 14 operations through conventional procedures, and at an average cost of less than 30% of the cost of Letter of Credit issued by financial institutions, that is, 0.5% instead of 1.5%;
d) All Forms of Documentary Credit:
1. According to Origin and Destination of the Commodities: domestic trade (sale and purchase), foreign trade (import and export).
2. According to Risks Assumed: obligations contracted by Issuing Bank (revocable and irrevocable), obligations contracted by Intermediary Bank (confirmed and unconfirmed).
3. According to Terms of Payment: on sight or deferred payment (fixed due date / days after date).
4. According to Issuing Bank's Obligations: available by payment, available by acceptance, available by negotiation.
5. According to Utilization: payable at issuing bank, payable by intermediary banks. 6. According to Transferability of Credit: transferable, nontransferable, transferable and divisible, rotating (cumulative, non-cumulative)
7. According to the Type of Financing: back-to-back, subsidiary or contra credit, with red ink clause, with green ink clause, or with a standby letter of credit. The same procedure is applicable to service companies and, in general, to all operations involving with offers and demands.
| OPTION A | Conventional
Procedure (11 operations) |
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Contract 2. The importer requests the opening of a documentary credit in favor of the exporter from his bank (issuing Bank). 3. The issuing bank (having studied the risk) issues the credit and requests an intermediary bank (generally the exporter's bank) to advise and/or confirm the credit. 4. The Advising / Confirming Bank reviews the documentation and sends the credit to the exporter. 5. If the exporter agrees the terms of the credit, he sends the product to the destination country in accordance with the agreed Incoterms. 6. The exporter presents the documents to the bank specified in the credit. 7. The Advising /Confirming Bank reviews the documentation and if it is acceptable, effects or negotiates payment (under the terms of the credit). 8. The Advising /Confirming Bank sends the documentation to the Issuing Bank. 9. The Issuing Bank reviews the documentation and make the settlement with the Intermediary Bank. 10. The Issuing Bank debits the importer and delivers the documentation to him. 11. The importer, with the documentation in his possession, proceeds to accept delivery of the product. |
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Price:
1.5 % (One and a half percentage points) |
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| OPTION B | SCiNet
Procedure: 1 electronic operation |
| 1. Includes all of the above concepts, including the handling of the documentation. | |
Price:
0.50 % (Half a percentage point) |
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• MARINE: Bill of lading, Charter party, Forwarding agent receipt, Delivery order, Mate's receipts, Sea waybill
• INSURANCE POLICY: All Risks;
• OPERATION DOCUMENTS: Commercial invoice, Pro-forma invoice, Preliminary invoice;
• ANCILLARY DOCUMENTS: Testing Certificate, Inspection / Approval Certificate, Certificate of Origin, Certificate of Units (weights / measures), Health Certificate, Soivre Certificate, Customs Invoice, Consular Invoice, Manifest, Storage Receipt.
The Operating System enables Associates (Exporter, Importer, Carrier, Customs Agents, Insurance Company, Banks, etc.) to monitor, locate and control the operation at all times and in real time, from the moment the contract is entered into to the moment the merchandise is received at the final destination.
e-SCiNet ECECs [Electronic Commercial Exchange Certificates]
All of the operations carried out through SCiNet build up for each Associate a line of credit accumulated in e-SCiNet ECECs [Electronic Commercial Exchange Certificates] having the same value as the operation performed, which allows the Associate to carry out multiple commercial exchange (bartering) operations through the express recognition of digital assets.
Through the Demo you can follow step-by-step the complete process of an automated, on-line import-export operation, including:
1) Operation selection
2) Search for the specific commodity
3) Current available offers
4) Selection of the offer —quantity, FOB dates, price, port
5) Selection, between the associate companies, of transportation, insurance and documentary credit
6) Customs offices, tariffs, inspections and documentation
7) On-line monitoring of the operation up to the moment of delivery and receipt by the Associate Importer.
| SCINET CORPORATION |
| SCiNet Corporation
• Science Network | The World Trade System SCiNet International Office | 24 Hour support service Info and Questions | Phone: (+34) 91-476-7000 | Fax: (+34) 91-388-3203 © 2008 SCINET CORPORATION. All rights reserved Legal Information. Do not duplicate or redistribute in any form |