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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, to the importer, to receive the merchandise acquired, thus eliminating one of the concerns that is generated in the participants in an international sales contract, especially in the exporter of the merchandise.


This is because, 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 the simultaneous and immediate fulfillment of the promised services.

To avoid risks in the financial market, AURICOIN offers its users different forms of letters of credit through which the buyer commits, to make available to a beneficiary a certain amount of money, through a smart contract, generated in our Exchange.

In this way, AURICOIN eliminates the intermediation of banks, both primary and correspondent banks of the buyer and the seller, saving both the payment of the high amounts of commissions charged by this intermediation.

The smart contract executes without any intermediation, the commercial agreement established between the importer and the exporter, upon presentation of the documents of the agreed sale and the amount negotiated.

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NEGOTIATION


The buyer and the seller negotiate the terms and conditions of international buying and selling 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 money in the wallet, for the amount equivalent to the total value of the letter of credit, plus 0.30% for the payment of the commission that involves generating the financial document.

Once the request is made, notify 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.

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COMMUNICATION


The platform automatically communicates to the Exporter and
the Importer who opened the letter of credit in favor of the exporter.



SYSTEM PERFORMANCE


The system will request to open an order of the state of the negotiated good to the exporter. Once the production of the good or raw material has been checked, the system is able to detect the anomaly, if any.

The system will evaluate the urgency of the availability of the merchandise or raw material, as well as the existence of the merchandise in storage (among other variables), prioritize the queue of tasks and assign appointment before or after, to proceed with the dispatch of the same.

The importer has access to this information in order to track the progress of the process through the platform.

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SHIPMENT


The seller will deliver the goods into the hands of the shipping company. Once the shipping company takes charge of the acquired good, a connection between machines (M2M) is produced and the consequent work order "in the cloud" is generated.

This automatically arrives at the device that the transporting company has assigned for that purpose and there begins the transport of the merchandise.

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SENDING DOCUMENTS


The Exporter sends all the original documents to the Importer through a shipping company. These documents are shipping, commercial invoice, packing list, certificates of origin and sanitary permit, among others.




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 perform the customs clearance of the goods, at this time the payment to the exporter becomes effective.





DOCUMENTS

TO REQUEST A LETTER OF CREDIT



IMPORTER

Constitutive Act and Modifications (if any).
Tax Information Registry.
Service receipt that includes address.
Wallet number.
Identification document of the legal representative.
2 Commercial References.
2 Bank References.
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SELLER

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