Siebel Finance Guide > Managing Financial Contracts >

About Managing Financial Contracts

Siebel Finance Contracts are displayed in the Universal Contracts view. Contracts are one of the following three types:

• Bills and Collections (BC) - A BC contract is an instruction, wherein, a customer (drawer) approaches your bank to purchase, negotiate, discount, or send for collection, a financial instrument called a bill. This written instrument is an instruction instructing the drawee of the bill to pay a certain sum of money in favor of your bank or at the order of your bank.
• Letter of Credit (LC) - An LC contract is an instruction wherein a customer requests the bank to issue, advise or confirm a letter of credit, for a trade transaction. An LC substitutes a bank's name and credit for that of the parties involved. The bank thus undertakes to pay the seller or beneficiary even if the remitter fails to pay.
• Guarantee - If the LC that you are processing is a guarantee, then you specify the type. They include:
  • Bid
  • Performance
  • Retention

A contract can be associated with one or more contacts. However, contracts can be associated with only one account, but an account can have multiple contracts. There is 1:M relationship between a Contract and an Account.

Contracts are read-only in Siebel Finance. Records can be updated only in Oracle FLEXCUBE Universal Banking and updated records are sent to Siebel Finance.

From Siebel Finance, you can query Oracle FLEXCUBE Universal Banking to obtain the latest data.

The following operations can be performed to synchronize contract data between Siebel Finance and Oracle FLEXCUBE Universal Banking:

• For newly created contracts in Oracle FLEXCUBE Universal Banking, a batch process executes to create contracts in Siebel Finance.
• To update contract data in Siebel Finance, a batch process executes to update the contract in Siebel Finance.
• Siebel Finance users can query the latest contract data in Oracle FLEXCUBE Universal Banking using the Refresh button available on the Contract More Info view.