#

How does it work?


This financial instrument will allow the exporter to be sure that he will receive the payment for the merchandise sent and the importer to receive the merchandise acquired.

One of the concerns that is generated in the participants of an international sales contract, especially in the exporter of the merchandise, is referred to the fulfillment of the obligation of payment is the concern of the exporter and the receiving of the merchandise of the importer.

This is due to the fact that, in general, the contracting parties are unaware of the creditworthiness of their counterparty, in addition to the fact that, unlike the local purchase, the international purchase is not made through simultaneous and immediate fulfillment of the promised services.

#

To avoid risks in the financial market AURIcoin makes available to users the letters of credit, through which the buyer commits, to make available to a beneficiary a certain amount of money through an intelligent contract, the which, when generated on the AURIcoin platform, eliminates the intermediation of both primary and correspondent banks of the buyer and the seller, thus eliminating the high amounts of commissions charged by this intermediation and thus the intelligent contract executes without any intermediation, the commercial agreement that the importer has agreed with the exporter, upon presentation of the agreed sales documents and the amount negotiated.

#

NEGOTIATION


The buyer and seller negotiate the terms and conditions of international purchase/ sale and agree that the payment will be made by letter of credit; from there they establish what the conditions of delivery and payment will be. One of the main payment terms is that the seller sends the documentation that supports the shipment of the goods.

PROCESSING OF THE CREDIT LETTER


The buyer goes to the AURIcoin platform to open a letter of credit in favor of the seller. Before making the request the importer must have the money in his wallet the total value of the letter of credit plus 0.30% for commission payment to generate the financial document. Once the request is made, inform the seller so that he is informed with the contract number and the key, the seller has access to the document which is supplied by the importer.

#

COMMUNICATION


The platform automatically informs the Exporter and the
Importer that a letter of credit has been opened in his favor by
the exporter.

#

SYSTEM PERFORMANCE


The system would request an order opening of the status of the negotiated asset to the exporter. The system would be able, once the production of the good or raw material was reviewed, the anomaly, if any, would assess the urgency of the availability of the merchandise or raw material, the existence of the merchandise in storage (among other variables), prioritize the queue of tasks and assign an appointment before or after to proceed with the dispatch of the same.


The importer has access to this information through the platform.

#

SHIPMENT


The seller would leave the goods in the hands of the shipping company. Once the shipping company takes charge of the acquired good, a connection between machines is produced and the resulting order of work "in the cloud" is generated. This automatically arrives to the device that the carrier company has assigned and begins the transportation proper said merchandise.

#

SHIPMENT OF DOCUMENTS


The Exporter sends all the original documents to the importer (shipping document, commercial invoice, packing list, certificates of origin, health, among others). Through a shipping company.




CONFIRMATION AND PAYMENT


AURIcoin, sends the documentation received from the Importer and requests authorization for payment. Once this happens, AURIcoin transfers all the documentation received to the buyer to carry out the customs clearance of the goods and the payment to the exporter is made.

DOCUMENTS

ANNEX

TO REQUEST A LETTER OF CREDIT

#

IMPORTER


Constitutive Act and Modifications (if any).
Registration of Tax Information.
Public Service receipt: water-light-telephone-bank.
Wallet number.
Identification document legal representative.
2 Commercial References.
2 Bank References.
Fill in Request.

• Fiat money broadcast Download it here
• Emission Cryptocurrencies Download it here




SELLER



Constitutive Act and Modifications (if any).
Registration of Tax Information.
Wallet number.

#