The participants in the previous workflow must have some information in common that gives them a view into the trade arrangement and its progress at any given moment.
The following is a table of the assets owned by the participants, which are shared with each other to drive the process from one stage to the next. This includes documentary and monetary assets:
|
Asset type |
Asset attributes |
|
Letter of credit |
ID, issue date, expiration date, issuer, beneficiary, amount, and a list of documents |
|
Bill of lading |
ID, shipper (exporter), consignee (importer), party to notify (importer's bank), places of receipt and delivery, description of goods, and freight amount |
|
Export license |
ID, issue date, expiration date, beneficiary, license holder, and description of goods |
|
Payment |
Amount in standard currency units |
The following are the data elements that circumscribe the options available to participants in each stage:
|
Data type |
Data attributes |
|
Trade agreement |
Requested by importer and accepted by exporter |
|
Letter of credit |
Requested by importer, issued by importer's bank, and accepted by exporter's bank |
|
Export license |
Requested by exporter and issued by regulatory authority |
|
Shipment |
Prepared by exporter, accepted by carrier, and current position or location |