Corporate Bid Management
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From the publisher website or publicity Corporate Bid Management Corporate application initiation for Standbys (Performance, Advance Payment, Bid Bonds, Financial, Direct Pay, Insurance and Commercial) and Guarantees.Solution Overview Tiger's Corporate Bid Manager is a negotiation system that automates the process for corporations to bid out their Standby Letters of Credit and Bank Guarantees business to a "network" of banks. This real-time negotiation system provides a more cost efficient mechanism for Trade Finance business. An Internet-based reverse auction bidding solution, Tiger Corporate Bid Manager manages the full bidding process, both internally within the corporation, as well as with external partners. The process is managed by the Treasury Department, allowing administrators to manage all of the business units/subsidiaries and bidding banks in one centralized environment. In fact, Tiger's Corporate Bid Manager was awarded the Silver medal from the Alexander Hamilton Awards, a prestigious industry award program sponsored by Treasury and Risk Management. Business Benefits:
How it Works: A business unit creates a transaction such as a Standby Letter of Credit. The Standby LC is approved and sent to the corporate treasury site. Multiple approval levels can be configured at both the business unit and corporate sites. Each transaction can be processed with attachments in text, MS-Word or image formats. Once the corporate treasury site receives the transaction, a bid memo is created based on the transaction details sent by business unit. The corporate site sends the bid memo to the bidding banks of its choice. The bidding banks receive the bid memo and create and send a bid reply with details of their rates and commissions.Once the corporate treasury site chooses the winning bid, a reply with the full details of the transaction (along with any attachment) is sent to the bidding bank. The bidding bank then downloads this transaction in XML format, and uploads the acknowledgement in XML format or, responds manually by entering the LC Number and LC Issuance text. The business unit from where the transaction originated then receives the acknowledgement, viewable from the reports screen, where customizable reports of consolidated data can also be accessed and queried. Web-based Solution Tiger Corporate Bid Manager runs in a Web environment where all parties (corporate users, the corporation's business units, and bidding banks) who use the system log-on on to a single site, hosted by the corporation. Users simply need a browser and access to the Internet. The system provides a robust security standard so that all data transmitted between parties is protected via secure Internet connections. Specific user roles can be defined so that only certain parts of the system are visible to certain users. Input forms are also fully customizable by the administrator of the system. Eliminating the Paper By automating the bidding process, Tiger Corporate Bid Manager reduces the manual, paper-intensive processes that are characteristic of standby letters of credit and bank guarantees business. Fees are automatically processed, paid, and recorded, and reporting becomes a real-time, on-line function. E-mail Alerts Processes are made more efficient because e-mails notify or prompt users about actions that need to be taken. For example, a bidding bank user can receive an e-mail to advise them that a new bid memo has been sent by the corporate site and respond immediately. Amendments to Transactions Amendments to Transactions can be sent directly between the business unit and relevant bidding bank, or can be routed through the corporate site.Hurdle-Based Routing Initiated transactions can be sent to the corporate site directly or to an intermediate business division for approval, based on user-defined criteria. For example, all transactions under a specified amount can go directly from the business unit to a bid bank of the corporate's choice. Easy Integration Integration with your back-office system to automate data transfer is created through a simple interface. The very latest industry standard technologies allows the Back Office interface to meet your needs for the quick and easy transfer (upload and download) of data. Corporate Bid Manager changes the paradigm for companies conducting substantial Trade Finance business. The transparency that the system provides allows you to control your costs associated with this line of business. Now, with Corporate Bid Manager, you can make your selections of banks to do business with in a more efficient way, while at the same time, improving your processes |
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Vendor: Sungard |
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