6.3 Finance Repayment

A corporate user can initiate repayment of their finances directly from the portal.

The settlement is effected from the settlement account (debit account) configured with the bank. The corporate user is provided the option to select a different currency to settle their finances, rather than the finance currency. A currency conversion is performed, in this case. By default, the Finance Repayment screen displays all the outstanding finances that can be selected for settlement. The user can select a single or multiple finances for settlement, in a single transaction.

Note:

The corporate user will be able to view those finances where the logged in corporate party is the borrower and the finance status is ‘disbursed’ or ‘partially settled’.

User must have:

• Valid corporate login credentials
• Configured account with the bank for settlement

To repay/settle a finance:

Navigation path:

From the Dashboard, click the Toggle Menu, then click Supply Chain Finance, Finance Management, and Finance Repayment.

1. Navigate to the above path.
2. From the Settlement Currency list, select the required currency for repayment of finance.
3. To narrow down the finances, enter the partial or complete reference number / associated party name / program / amount. The relevant finances appear as you type the values.

   Figure 6-10 Finance Repayment screen

   
   

   

   
   

   Table 6-10 Field Description

   Field Name	Description
   Finance Repayment
   Party Name & ID	Displays the name and ID of the logged-in corporate party.
   Settlement Currency	Specify the settlement currency in which settlement of finance is to be done.
   Select Finances
   Associated Party Name	Displays the name of the counter party linked with the instrument that has been financed.
   Program Name	Displays the name of the program that has been selected for requesting finance.
   Reference Number Status	Displays the finance reference number of the outstanding finance, along with the status.
   Due Date	Displays the due date of the finance.
   Financed Amount	Displays the total disbursed amount of finance.
   Outstanding Amount	Displays the amount (Interest Amount + Principal Amount) that is yet to be paid to settle the finance.
   Repayment Amount	Displays the amount to be repaid. By default, the outstanding amount of the finance is displayed. If you select the check box beside a specific finance, then this field becomes editable. You can click to change the amount to be repaid and then click to save the changes.
   Amount in Settlement Currency	Displays the settlement amount or the amount to be repaid in the currency selected in the Settlement Currency field. Note: It also displays the exchange rate. The Currency Conversion will be applicable in case debit account currency configured with the bank and settlement currency, differ.
   Balance Outstanding	Displays the amount that will be outstanding post the repayment transaction.
   Total Selected Finances	Displays the number of selected finances for settlement.
   Total Amount Selected	Displays the total amount to be settled for the selected finances.

4. Select the check box(es) against the finances to be settled.
5. In the Repayment Amount field, click if you wish to modify the repayment amount.
   1. Enter the required amount.
   2. Click to save the changes.
6. Click Repay to settle the selected finances. The Review screen appears. Or, click Cancel to cancel the transaction
7. In the Review screen, verify the details, and click Confirm. A Confirmation message regarding repayment of finance initiation appears along with the reference number. Or, do one of the following:
   • Click Cancel to cancel the transaction.
   • Click Back to navigate back to the previous screen.
8. Click View Finances to view a list of all the finances. Or, do one of the following:
   • Click Supply Chain Overview to go to the Supply Chain Finance dashboard.
   • Click Dashboard to go to the main dashboard.

   Note:

   Once the Finance Repayment transaction is submitted by the Corporate Maker, it is sent for approval. It appears in the Pending for Approval list of the Corporate Approver. The Approver can approve, or reject, or send the transaction back to the Maker for modifications, with relevant comments. Corresponding notifications are sent to the Maker.

   The Maker can then view, claim, and edit the transaction. Upon modification, it can be submitted for approval again. The Approver again has the option to approve, reject or send the transaction back for modification. There is no limit to the number of times the transaction can be sent back for modification.

   Once approved, the transaction appears in the Approver’s My Approved List.