Portal for International Guarantees
ping is a web-based workflow system built for international corporations granting guarantees to their customers worldwide.
The major features are:
- Guarantee approval workflow engine
- Online request form with dynamic field help and data validation
- Automated generation of unique guarantee reference numbers
- Dynamic workflow with automatic alerts and notifications
- Guarantee text/draft contract library with search functionality
- Billing of internal services to divisions or business units
- Standard and dynamic reporting
- Credit risk report
- Exposure variance report
- etc
- Guidelines, procedures and notice boards
- System administration
- Dynamic handling of user roles and security
- Daily import of foreign exchange rates
- Archiving
Gaurantee types supported
- Bank Guarantee - Letter of Credit issued by a third party bank
- Surety Bonds issued by a third party insurance company
- Parent Company Guarantees issued by the head office
- Letters of Comfort issued by the head office
Your Return on Investment
- Higher efficiency through
- better quality data entry at the source therefore re-duced central data entry and correction work
- online help, therefore fewer enquiries
- clear procedures and workflows, therefore fewer ad-ministration errors and misunderstandings
- faster approval processes due to electronic document flow and mail alerts
- pre-approved guarantees are delivered on time to the beneficiary
- Online reporting for involved parties within minutes
- Internal billing and data reconciliation in much less time
- Proper utilization of the Credit Lines
- Compliance with contractual obligations and internal policies
Interface to COGS (Commerzbank Online Guarantee System)
ping has an online interface to COGS. COGS is platform of Commerzbank which allows obligors, agencies and syndicat banks to manage bank guaranties.