trace:original digital bills of exchange remains digital throughout the lifespan of the document. Follow the link below to see a detailed process for each stage of the bill of exchange process.
Issuance, acceptance and aval
- The drawer creates the dBE using the bank’s customer portal entry (self-service)
- The dBE is created as a digital PDF document by using the trace:original ‘digital printer’ with the bank
- The drawer e-signs the dBE
- The signed dBE is issued as a digital original negotiable instrument and the drawer invites the drawee (and avalising bank if applicable) to e-sign the dBE
Transfer - endorsement
1.The drawer initiates a transfer/endorsement/assignment of the dBE in the bank’s customer portal (self-service).
The drawer add a copy of or reference invoice and bill of lading (BL) as attachments to the dBE, and add a pre-agreed assignment text (if applicable).
The drawer execute the transfer of the original dBE with attachments to the bank.
The bank receives a digital invitation to accept the original dBE (with attachments) and thereby get possession over the negotiable instrument.
- Upon payment of the dBE, The bank as the owner present the dBE to the drawee´s (aval) bank for payment. Presentation may be validated by the bank by providing prove of possession of the BE, or by drawee´s bank to evidence the possession and validity in the Notary Service.
- On drawee´s banks confirmation on payment, the bank execute the transfer the original dBE.
- The drawee´s bank receives an invitation to accept the original dBE and thereby takes possession over the negotiable instrument. Upon receipt of possession of the dBE, the drawee´s bank may invalidate the dBE.
- Accept of transfer of dBE and invalidation thereof
- Notice of dishonour (formal Protest /apostille) must be given within a “reasonable time” or specific timeframe from time of dishonouring depending on jurisdiction.
- Present prove of possession of BE to Notary for formal protest if required .
- Present Protest/apostille for court procedure. Foreclosure / enforcement performed based on protest (apostille)
- Default management /NPL asset management