Following are the key steps involved in the process of supplier's credit:
1. Prior to LC opening client shares details with Myforexeye
2. Myforexeye identifies and offers best rates from off shore banks to client acceptance.
3. Upon acceptance of rate by Client, Myforexeye notifies specific clauses to be incorporated in the LC.
4. Client's LC issuing bank to open an LC.
5. LC issuing bank opens and transmits the LC to off shore bank which in turn sends LC to beneficiary bank
6. Exporter ships the goods to the client on intimation that the LC has been received by their bank.
7. Exporter lodges the documents evidencing shipment of goods to their bank which forwards them to LC issuing bank via Off shore bank.
8. Payment is made to the exporter by disbursing supplier's credit post acceptance from LC issuing bank prior to funding.
9. On due date, principal plus interest recovered from client remitted by LC issuing bank to offshore bank.