IT’S OUR SINCERE PLEASURE TO PRESENT YOU WITH OUR INTERBANK SCREEN DELIVERY FOR BANK GUARANTEE (BG), STANDBY LETTER OF CREDIT (SBLC) AND MT103 ONE-WAY. WITH THIS MODE OF DELIVERY IT IS VERY ESSENTIAL THAT THE CLIENT RECEIVING BANK MUST PROVIDE A VERIFIABLE BANK ACKNOWLEDGEMENT LETTER STATING THEREIN THAT THE TERMS AND PROCEDURE STATED IN THE DOA TO RECEIVE THROUGH INTERBANK SCREEN ARE ACCEPTED. THE CLIENT RECEIVING BANK MUST ALSO ISSUE A VERIFIABLE ACCEPTABLE VERBIAGE FOR RECEIVING MT760 WHICH MUST BE SIGNED BY THE RECEIVING BANK OFFICER AND WITH THE RECEIVING BANK STAMP/SEAL AND ATTACHED TO THE DOA, THIRDLY THE CLIENT RECEIVING BANK MUST PROVIDE A VERIFIABLE BANK PAYMENT UNDERTAKING (BPU) AND THREE (3) MONTHS BANK STATEMENT (POF) MUST ALSO BE ATTACHED TO THE GIVEN DOA.
MINIMUM PER TRANCHE (STRICTLY): €100,000,000 (ONE HUNDRED MILLION EUROS)
LEASE PRICE: 0.6 + 5 + 2 = 7.6%
NOTE: THE RECEIVING BANK MUST INDICATE THE TYPE OF INTERBANK SCREEN THAT’S AVAILABLE IN THEIR BANK AND PROVIDE THE SCREEN CODES THE RECEIVING BANK OFFICER'S NAME AND DESIGNATION, TELEPHONE NUMBER, FAX NUMBER AND EMAIL ADDRESS MUST BE CORRECT AND GENUINE FOR VERIFICATION PURPOSES USAGE OR PURPOSE FOR THE INSTRUMENT: IT MUST BE STRICTLY FOR CREDIT ENHANCEMENT, IF YOU ARE LOOKING FOR INSTRUMENT FOR MONETIZATION/TRADING, KINDLY LOOK ELSEWHERE FOR ANOTHER PROVIDER.
PLEASE KINDLY CHECK WITH THE RECEIVING BANK OFFICER OF YOUR NOMINATED BANK ABOUT THE PROCEDURES AS MENTIONED BELOW, THE ISSUER CAN FOLLOW ANY VERBIAGE AS THE RECEIVING BANK WANTS.
PLEASE READ THE EXPLANATION REGARDING SCREEN TO SCREEN INSTRUMENTS DELIVERY AS FOLLOWS:
SCREEN TO SCREEN DELIVERY PROCEDURE:
1.) ISSUING BANK IS REGISTERED ON DTC OR EUROCLEAR AND BENEFICIARY BANK MUST ALSO BE REGISTERED ON DTC OR EUROCLEAR
2.) ISSUING BANK WILL DELIVER THE INSTRUMENT FROM ITS DTC OR EUROCLEAR TO BENEFICIARY BANK DTC OR EUROCLEAR.
3.) ISSUING BANK WILL GIVE THE ACCESS CODE FOR THE BENEFICIARY TO GIVE TO HIS BANK TO ACCESS
4.) THE INSTRUMENT WILL BE DOWNLOADED TO THE ACCOUNT OF THE BENEFICIARY.
THIS IS A HIGHLY CLASSIFIED BANK MODE OF AVOIDING THE HACKERS.
IN THIS CASE ONLY THE ISSUING AND BENEFICIARY BANK CAN ENTER THEIR RESPECTIVE SCREENS BY USING THEIR ACCESS CODES.
INTER-BANK PRIVATE SCREEN INSTRUMENT UTILISATION
· THE INTER-BANK PRIVATE SCREEN INSTRUMENT PROTOCOL SYSTEM IS A HIGHLY CLASSIFIED PROTOCOL DEVOID OF INTERCEPTION BY HACKERS IN THE SUPER HIGHWAY.
· THESE INSTRUMENTS ARE HIGHLY PROTECTED DUE TO THE CLASS OF TRANSMISSION.
· ONLY BANKS WHO ARE INTER-BANK SCREEN COMPLIANT CAN ACCESS THEM THAT IS WHY MOST BANK BRANCHES CANNOT ACCESS THEM, ONLY THE BANK HEAD OFFICES AND FEW BRANCHES.
· THE ACCESS CODES ARE HIGHLY CLASSIFIED INFORMATION, ONLY THE ISSUING BANK, BENEFICIARY BANK AND THE BENEFICIARY ACCOUNT HOLDERS HAVE CAN HAVE THESE CODES.
· THESE DAYS PEOPLE CLAMOUR FOR SWIFT POINT TO POINT INSTRUMENTS WHICH ARE PRONE TO FRAUD AND HACKING, THIS IS NOT A MODERN DAY SECURITY ANY MORE.
· THE INTER-BANK PRIVATE SCREEN IS THE CURRENT TREND WITH TOP SECURITY.
PROPOSAL
TO MAKE THE INTER-BANK PRIVATE SCREEN INSTRUMENT STRONG ENOUGH TO ENABLE BENEFICIARY OBTAIN A CREDIT ENHANCEMENT, LOAN OR FUNDING
WE SUGGEST AS FOLLOWS
1.) THE INSTRUMENT PROVIDER ISSUES A REQUIRED INSTRUMENT FROM A WORLD S & P CLASS AAA BANK TO BENEFICIARY BANK, IT CAN BE BARCLAYS BANK LONDON, OR DEUTSCHE BANK GERMANY
2.) THE INSTRUMENT IS ISSUED THROUGH THE ISSUING BANK’S SCREEN AND MADE AVAILABLE IN THE BENEFICIARY BANK’S SCREEN.
3.) THE ACCESS CODES, BLOCKING CODES ARE MADE AVAILABLE IN A SEPARATE DOCUMENT TO THE BENEFICIARY BANK THROUGH THE BENEFICIARY.
4.) USING THE PROCEDURE PROVIDED, UPON ACCESSING AND DOWNLOADING OF THE INSTRUMENT TO THE BENEFICIARY ACCOUNT, WE SUGGEST INSURING THE INSTRUMENT, (THIS IS OPTIONAL)
5.) THIS MAKES THE INSTRUMENT AS STRONG IF NOT STRONGER THAN THE SWIFT POINT TO POINT PROTOCOL.
6.) YOU CAN NOW QUALIFY FOR A CREDIT ENHANCEMENT, LOAN OR FUNDING FOR THE VALUE REQUIRED ACCORDING TO THE CLASS OF THE ISSUING BANK.
PROCEDURES TO LOCATE INSTRUMENT ON INTERBANK PRIVATE SCREENS, DTC. THE FOLLOWING PROCEDURE IS ADVISED
1.) THE BANK GETS INTO EUROSCREEN, DTC SCREEN, BLZ, CHIPS UID OR REUTERS/BLOOMBERG SCREEN USING HER ACCESS CODES.
2.) AFTER ENTERING INTO THE EUROCLEAR, DTC, BLZ, CHIPS UID OR REUTERS/BLOOMBERG SCREEN
3.) TYPE IN THE INTERNATIONAL REGISTRATION CODE: (THE INTERNATIONAL REGISTRATION CODE FOR THE TRANSMISSION IS THE SEVEN DIGIT NUMBER AS INDICATED IN THE GIVEN COPY.
4.) TYPE IN THE DATE AND TIME OF TRANSMISSION: (THE TIME AND DATE OF TRANSMISSION IS INDICATED IMMEDIATELY AFTER THE REGISTRATION NUMBER.)
5.) PRESS ENTER AND THESE INFORMATION TAKES YOU DIRECTLY TO THE INSTRUMENT AS NO TWO MESSAGES WERE TRANSMITTED INTO THE SCREEN ON THAT DATE AND TIME BEARING THE SAME REGISTRATION NUMBER.
PREADVISE/MT799 IS NOT NECESSARY IN SCREEN TO SCREEN MODE DELIVERY OF BG/SBLC
WE DO NOT SEND BY SWIFT METHOD, WE SEND THROUGH INTERBANK SCREEN, SUCH AS EUROCLEAR, CHIPS UID, BLZ, OR ANY KIND OF BANK SCREEN IN ANY VERBIAGE YOUR BANK NEED, SO THERE WILL BE NO MT799 NECESSARY, ALL WILL BE CONFIRMED BANK TO BANK BY EACH BANK OFFICER THROUGH INTERBANK CHAT SCREEN, ONCE THE FUND IS UPLOADED IN THE SCREEN RECEIVING BANK OFFICER JUST NEED TO LOCATE WITH ISSUER’S INSTRUCTION, THEN THE ISSUER WILL PROVIDE THE BLOCKING CODE TO SECURE THE FUND, THE RECEIVER BANK OFFICER MAY CHANGE THE CODE TO BE MORE SECURE, THEN PAYMENT MUST BE RELEASE IN 7 BANK WORKING DAYS, OTHERWISE THE SCREEN TO SCREEN INSTRUMENT WILL BE RECALLED
AS THE ISSUER DO NOT REQUIRE ANY UPFRONT COST, WE HAVE 2 WAYS TO MAKE THIS TRANSACTION DONE, IF THE RECEIVING BANK OFFICER CANNOT SIGN AND SEAL ON THE CONTRACT FOR US TO ASCERTAIN THAT RECEIVING BANK OFFICER KNOWS ABOUT THE TRANSACTION AND READY TO DO AS INSTRUCTED IN THE PROCEDURES THEN RECEIVING PARTY MUST ISSUE CONDITIONAL PAYMENT GUARANTEE TO MAKE SURE THERE WILL BE NO SURPRISES AFTER PROVIDER UPLOADING THE FUND
PAYMENT MUST BE RELEASED IN EIGHT (8) BANK WORKING DAYS AFTER DELIVERY CONFIRMATION
SO ONCE THE RECEIVING BANK ACCESSES THE INSTRUMENT ON THEIR INTERBANK SCREEN AND THE INSTRUMENT IS BLOCKED, 0.6% PROVISION CHARGE MUST BE PAID IN THREE (3) BANK WORKING DAYS.
THE RECEIVING BANK MUST RELEASE THE BALANCE OF 5 + 2 = 7% LEASE FEE IN THE FIVE (5) BANK WORKING DAYS PRECEDING THE FIRST PAYMENT. NO FURTHER COMPLICATIONS ONCE THEY VIEW AND BLOCK THE INSTRUMENT.
BENEFICIARY BANK MUST ACCESS AND DOWNLOAD THE INSTRUMENT WITHIN 48 HOURS FROM DELIVERY TIME AND CONFIRM TO SENDER/ISSUER
DOWNLOADING IS SIMPLY, THE BANKER JUST NEED TO COPY AND PASTE THEN PRINT AND KEEP COPY IN THE BENEFICIARY (CLIENT) ACCOUNT FILE.
THERE WILL BE AN INTERNATIONAL REGISTRATION CODE, TIME AND DATE. THESE ARE THE ACCESS CODES. NO SPECIAL DOWNLOADING CODE. THE BLOCKING CODE IS MEANT TO SECURE THE INSTRUMENT FROM ANY INTRUDER OUTSIDE THE ISSUING AND BENEFICIARY BANKS.
ISSUING BANK MAY HELP TO BLOCK INSTRUMENT AT THE REQUEST OF BENEFICIARY OR THE BENEFICIARY BANK DOES THE BLOCKING. THEY SIMPLY NEED TO PLACE A BLOCKING CODE ON TOP OF INSTRUMENT AND SAVE. THE BLOCKING IS DONE.
SINCE THE INSTRUMENT WILL BE BLOCKED IN FAVOUR OF THE BENEFICIARY BY THE ISSUING BANK, THE FULL PAYMENT MUST BE MADE ONCE IT’S ON THE INTER-BANK SCREEN.
BENEFICIARY BANK IS FREE TO DESIGN HER BLOCKING CODE IF THEY WISH WITHOUT REFERENCE TO ISSUING BANK
(SHOULD RECEIVER DEFAULT TO PAY THE (0.6 + 5 + 2 = 7.6%) FEES TO THE ISSUER AND THE INTERMEDIARIES AS AGREED IN THE CONTRACT WITHIN EIGHT (8) BANK WORKING DAYS ON CONFIRMATION OF MT760 THROUGH THE RECEIVING BANK INTER BANK SCREEN, ISSUER SHALL INSTRUCT THE ISSUING BANK TO PUT A CLAIM ON THE MT760 THEREBY FORCING THE RECEIVING BANK TO RETURN THE MT760 TO THE ISSUING BANK. THE ISSUING BANK WILL CANCEL THE TRANSACTION AND PULL OUT THE INSTRUMENT FROM THE SCREEN.
IN ORDER TO AVOID DELAY AND TO GIVE ASSURANCE OF THE CAPABILITY OF THE CLIENT TO MAKE THE PAYMENT AFTER THE DELIVERY, THE CLIENT NEED TO PROVIDE A VERIFIABLE “BANK PAYMENT UNDERTAKING (BPU)” BECAUSE THE SENDER/ISSUER CANNOT AFFORD TO EXPERIENCE ANY FAILURE OR DISAPPOINTMENT IN PAYMENT AFTER THE SUCCESSFUL DELIVERY OF THE INSTRUMENT.
MINIMUM PER TRANCHE (STRICTLY): €100,000,000 (ONE HUNDRED MILLION EUROS)
LEASE PRICE: 0.6 + 5 + 2 = 7.6%
NOTE: THE RECEIVING BANK MUST INDICATE THE TYPE OF INTERBANK SCREEN THAT’S AVAILABLE IN THEIR BANK AND PROVIDE THE SCREEN CODES THE RECEIVING BANK OFFICER'S NAME AND DESIGNATION, TELEPHONE NUMBER, FAX NUMBER AND EMAIL ADDRESS MUST BE CORRECT AND GENUINE FOR VERIFICATION PURPOSES USAGE OR PURPOSE FOR THE INSTRUMENT: IT MUST BE STRICTLY FOR CREDIT ENHANCEMENT, IF YOU ARE LOOKING FOR INSTRUMENT FOR MONETIZATION/TRADING, KINDLY LOOK ELSEWHERE FOR ANOTHER PROVIDER.
PLEASE KINDLY CHECK WITH THE RECEIVING BANK OFFICER OF YOUR NOMINATED BANK ABOUT THE PROCEDURES AS MENTIONED BELOW, THE ISSUER CAN FOLLOW ANY VERBIAGE AS THE RECEIVING BANK WANTS.
PLEASE READ THE EXPLANATION REGARDING SCREEN TO SCREEN INSTRUMENTS DELIVERY AS FOLLOWS:
SCREEN TO SCREEN DELIVERY PROCEDURE:
1.) ISSUING BANK IS REGISTERED ON DTC OR EUROCLEAR AND BENEFICIARY BANK MUST ALSO BE REGISTERED ON DTC OR EUROCLEAR
2.) ISSUING BANK WILL DELIVER THE INSTRUMENT FROM ITS DTC OR EUROCLEAR TO BENEFICIARY BANK DTC OR EUROCLEAR.
3.) ISSUING BANK WILL GIVE THE ACCESS CODE FOR THE BENEFICIARY TO GIVE TO HIS BANK TO ACCESS
4.) THE INSTRUMENT WILL BE DOWNLOADED TO THE ACCOUNT OF THE BENEFICIARY.
THIS IS A HIGHLY CLASSIFIED BANK MODE OF AVOIDING THE HACKERS.
IN THIS CASE ONLY THE ISSUING AND BENEFICIARY BANK CAN ENTER THEIR RESPECTIVE SCREENS BY USING THEIR ACCESS CODES.
INTER-BANK PRIVATE SCREEN INSTRUMENT UTILISATION
· THE INTER-BANK PRIVATE SCREEN INSTRUMENT PROTOCOL SYSTEM IS A HIGHLY CLASSIFIED PROTOCOL DEVOID OF INTERCEPTION BY HACKERS IN THE SUPER HIGHWAY.
· THESE INSTRUMENTS ARE HIGHLY PROTECTED DUE TO THE CLASS OF TRANSMISSION.
· ONLY BANKS WHO ARE INTER-BANK SCREEN COMPLIANT CAN ACCESS THEM THAT IS WHY MOST BANK BRANCHES CANNOT ACCESS THEM, ONLY THE BANK HEAD OFFICES AND FEW BRANCHES.
· THE ACCESS CODES ARE HIGHLY CLASSIFIED INFORMATION, ONLY THE ISSUING BANK, BENEFICIARY BANK AND THE BENEFICIARY ACCOUNT HOLDERS HAVE CAN HAVE THESE CODES.
· THESE DAYS PEOPLE CLAMOUR FOR SWIFT POINT TO POINT INSTRUMENTS WHICH ARE PRONE TO FRAUD AND HACKING, THIS IS NOT A MODERN DAY SECURITY ANY MORE.
· THE INTER-BANK PRIVATE SCREEN IS THE CURRENT TREND WITH TOP SECURITY.
PROPOSAL
TO MAKE THE INTER-BANK PRIVATE SCREEN INSTRUMENT STRONG ENOUGH TO ENABLE BENEFICIARY OBTAIN A CREDIT ENHANCEMENT, LOAN OR FUNDING
WE SUGGEST AS FOLLOWS
1.) THE INSTRUMENT PROVIDER ISSUES A REQUIRED INSTRUMENT FROM A WORLD S & P CLASS AAA BANK TO BENEFICIARY BANK, IT CAN BE BARCLAYS BANK LONDON, OR DEUTSCHE BANK GERMANY
2.) THE INSTRUMENT IS ISSUED THROUGH THE ISSUING BANK’S SCREEN AND MADE AVAILABLE IN THE BENEFICIARY BANK’S SCREEN.
3.) THE ACCESS CODES, BLOCKING CODES ARE MADE AVAILABLE IN A SEPARATE DOCUMENT TO THE BENEFICIARY BANK THROUGH THE BENEFICIARY.
4.) USING THE PROCEDURE PROVIDED, UPON ACCESSING AND DOWNLOADING OF THE INSTRUMENT TO THE BENEFICIARY ACCOUNT, WE SUGGEST INSURING THE INSTRUMENT, (THIS IS OPTIONAL)
5.) THIS MAKES THE INSTRUMENT AS STRONG IF NOT STRONGER THAN THE SWIFT POINT TO POINT PROTOCOL.
6.) YOU CAN NOW QUALIFY FOR A CREDIT ENHANCEMENT, LOAN OR FUNDING FOR THE VALUE REQUIRED ACCORDING TO THE CLASS OF THE ISSUING BANK.
PROCEDURES TO LOCATE INSTRUMENT ON INTERBANK PRIVATE SCREENS, DTC. THE FOLLOWING PROCEDURE IS ADVISED
1.) THE BANK GETS INTO EUROSCREEN, DTC SCREEN, BLZ, CHIPS UID OR REUTERS/BLOOMBERG SCREEN USING HER ACCESS CODES.
2.) AFTER ENTERING INTO THE EUROCLEAR, DTC, BLZ, CHIPS UID OR REUTERS/BLOOMBERG SCREEN
3.) TYPE IN THE INTERNATIONAL REGISTRATION CODE: (THE INTERNATIONAL REGISTRATION CODE FOR THE TRANSMISSION IS THE SEVEN DIGIT NUMBER AS INDICATED IN THE GIVEN COPY.
4.) TYPE IN THE DATE AND TIME OF TRANSMISSION: (THE TIME AND DATE OF TRANSMISSION IS INDICATED IMMEDIATELY AFTER THE REGISTRATION NUMBER.)
5.) PRESS ENTER AND THESE INFORMATION TAKES YOU DIRECTLY TO THE INSTRUMENT AS NO TWO MESSAGES WERE TRANSMITTED INTO THE SCREEN ON THAT DATE AND TIME BEARING THE SAME REGISTRATION NUMBER.
PREADVISE/MT799 IS NOT NECESSARY IN SCREEN TO SCREEN MODE DELIVERY OF BG/SBLC
WE DO NOT SEND BY SWIFT METHOD, WE SEND THROUGH INTERBANK SCREEN, SUCH AS EUROCLEAR, CHIPS UID, BLZ, OR ANY KIND OF BANK SCREEN IN ANY VERBIAGE YOUR BANK NEED, SO THERE WILL BE NO MT799 NECESSARY, ALL WILL BE CONFIRMED BANK TO BANK BY EACH BANK OFFICER THROUGH INTERBANK CHAT SCREEN, ONCE THE FUND IS UPLOADED IN THE SCREEN RECEIVING BANK OFFICER JUST NEED TO LOCATE WITH ISSUER’S INSTRUCTION, THEN THE ISSUER WILL PROVIDE THE BLOCKING CODE TO SECURE THE FUND, THE RECEIVER BANK OFFICER MAY CHANGE THE CODE TO BE MORE SECURE, THEN PAYMENT MUST BE RELEASE IN 7 BANK WORKING DAYS, OTHERWISE THE SCREEN TO SCREEN INSTRUMENT WILL BE RECALLED
AS THE ISSUER DO NOT REQUIRE ANY UPFRONT COST, WE HAVE 2 WAYS TO MAKE THIS TRANSACTION DONE, IF THE RECEIVING BANK OFFICER CANNOT SIGN AND SEAL ON THE CONTRACT FOR US TO ASCERTAIN THAT RECEIVING BANK OFFICER KNOWS ABOUT THE TRANSACTION AND READY TO DO AS INSTRUCTED IN THE PROCEDURES THEN RECEIVING PARTY MUST ISSUE CONDITIONAL PAYMENT GUARANTEE TO MAKE SURE THERE WILL BE NO SURPRISES AFTER PROVIDER UPLOADING THE FUND
PAYMENT MUST BE RELEASED IN EIGHT (8) BANK WORKING DAYS AFTER DELIVERY CONFIRMATION
SO ONCE THE RECEIVING BANK ACCESSES THE INSTRUMENT ON THEIR INTERBANK SCREEN AND THE INSTRUMENT IS BLOCKED, 0.6% PROVISION CHARGE MUST BE PAID IN THREE (3) BANK WORKING DAYS.
THE RECEIVING BANK MUST RELEASE THE BALANCE OF 5 + 2 = 7% LEASE FEE IN THE FIVE (5) BANK WORKING DAYS PRECEDING THE FIRST PAYMENT. NO FURTHER COMPLICATIONS ONCE THEY VIEW AND BLOCK THE INSTRUMENT.
BENEFICIARY BANK MUST ACCESS AND DOWNLOAD THE INSTRUMENT WITHIN 48 HOURS FROM DELIVERY TIME AND CONFIRM TO SENDER/ISSUER
DOWNLOADING IS SIMPLY, THE BANKER JUST NEED TO COPY AND PASTE THEN PRINT AND KEEP COPY IN THE BENEFICIARY (CLIENT) ACCOUNT FILE.
THERE WILL BE AN INTERNATIONAL REGISTRATION CODE, TIME AND DATE. THESE ARE THE ACCESS CODES. NO SPECIAL DOWNLOADING CODE. THE BLOCKING CODE IS MEANT TO SECURE THE INSTRUMENT FROM ANY INTRUDER OUTSIDE THE ISSUING AND BENEFICIARY BANKS.
ISSUING BANK MAY HELP TO BLOCK INSTRUMENT AT THE REQUEST OF BENEFICIARY OR THE BENEFICIARY BANK DOES THE BLOCKING. THEY SIMPLY NEED TO PLACE A BLOCKING CODE ON TOP OF INSTRUMENT AND SAVE. THE BLOCKING IS DONE.
SINCE THE INSTRUMENT WILL BE BLOCKED IN FAVOUR OF THE BENEFICIARY BY THE ISSUING BANK, THE FULL PAYMENT MUST BE MADE ONCE IT’S ON THE INTER-BANK SCREEN.
BENEFICIARY BANK IS FREE TO DESIGN HER BLOCKING CODE IF THEY WISH WITHOUT REFERENCE TO ISSUING BANK
(SHOULD RECEIVER DEFAULT TO PAY THE (0.6 + 5 + 2 = 7.6%) FEES TO THE ISSUER AND THE INTERMEDIARIES AS AGREED IN THE CONTRACT WITHIN EIGHT (8) BANK WORKING DAYS ON CONFIRMATION OF MT760 THROUGH THE RECEIVING BANK INTER BANK SCREEN, ISSUER SHALL INSTRUCT THE ISSUING BANK TO PUT A CLAIM ON THE MT760 THEREBY FORCING THE RECEIVING BANK TO RETURN THE MT760 TO THE ISSUING BANK. THE ISSUING BANK WILL CANCEL THE TRANSACTION AND PULL OUT THE INSTRUMENT FROM THE SCREEN.
IN ORDER TO AVOID DELAY AND TO GIVE ASSURANCE OF THE CAPABILITY OF THE CLIENT TO MAKE THE PAYMENT AFTER THE DELIVERY, THE CLIENT NEED TO PROVIDE A VERIFIABLE “BANK PAYMENT UNDERTAKING (BPU)” BECAUSE THE SENDER/ISSUER CANNOT AFFORD TO EXPERIENCE ANY FAILURE OR DISAPPOINTMENT IN PAYMENT AFTER THE SUCCESSFUL DELIVERY OF THE INSTRUMENT.