The 'Pre-opening of draft' is not actually the final set of Guarantee created as this contains only the draft version that is used for discussion in the contractual negotiations between the parties.
The system allows to create such drafts which includes Assignment of a reference number, Creating common messages and settlement of charges, etc.
The following type of request is allowed by the Application in the Pre-opening process,
- Declaration of readiness
The Draft undertaking applies to the Direct (ISSU) and Indirect (ISCO, ICCO) guarantees.
The Pre-advice applies to the Guarantee Received, Advise Guarantee With Confirmation(ACNF) and Advise Guarantee Without Confirmation(ADVI).
The pre-advice contains some brief information about the final undertaking. This could include an instruction for the advising bank to add their confirmation to the final undertaking and then the bank usually expresses their readiness to confirm the undertaking or the bank rejects it, after receipt.
After confirmation all data in the pre-advice can be used and updated when advising the final undertaking.
The declaration of readiness is available for direct (ISSU) and indirect (ISCO, ICCO) undertaking only. The the booking of liabilities is considered in this transaction.
To Pre-open a Guarantee , GITPOP transaction is used.
Select it from the menu item[Guarantee Products -> Guarantees/Standbys -> Main- > Pre-open/Pre-Advise ].
When you have made your changes, click on the ( ) Save function to save all the the data entered in the transaction to the database.