Onboard Counter Party

Onboard a Counter PartyClosedA party is any individual or business entity having a banking relationship with the bank. refers to introducing your counter Party to the Supply Chain Finance System and is the first step in Supply Chain Finance business. Counter Party is the customer of the Corporate in a commercial trade who may or may not be the customer of the bank.

Using this option you can onboard your counter party so that you can link the counter party to the program for SCF business.

Pre-Requisites

User must be having a valid corporate login credentials for Onboarding the Counter Party.

You are here How to reach here:

Dashboard > Toggle menu >Supply Chain Finance > Associated Party Management > Onboard Counter Party
OR
Dashboard > Toggle menu >Supply Chain Finance > Associated Party Management > View Associated Parties > Onboard new link
OR
Dashboard > Toggle menu >Supply Chain Finance > Overview > Quick Links > Onboard Counter Party

To onboard new counter party:

  1. The Onboard Counter Party screen appears.

Field Name

Description

Party Name

Enter the name of your corporate customer which you need to onboard.

Short Name

Enter the short name for the counter party.

Category Of Corporate

Select the industry of the corporate.

The options are:

  • Others
  • Partnership firm
  • Public Limited Company
  • Private Limited Company

Corporate Registration Number

Enter the corporate registration number.

Tax Registration Number

Enter the tax registration number.

Corporate PAN

Enter the PAN number.

Mobile Number

Enter the mobile of the counter party.

Preferred Communication Mode

Select the preferred communication mode required by the counter party.

The options are:

  • Email
  • Mobile

Email ID

Enter the email id of the counter party.

Address Line 1- 2

Enter the address of the counter party.

Country

Select the country of the counter party.

State

Select the state of the counter party.

City

Enter the city where of the counter party resides.

PIN Code

Enter the pin code of city where of the counter party resides.
  1. In the Party Name field, enter the name of the counter party which is to be linked to the SCF program.
  2. In the Short Name field, enter the short name for the counter party.
  3. From the Category of Corporate list, select the industry of the corporate.
  4. In the Corporate Registration Number field, enter the corporate registration number of the Counter Party.
  5. In the Tax Registration Number field, enter the tax registration number of the Counter Party.
  6. In the Corporate PAN field, enter the Pan Number of the Counter Party.
  7. In the Mobile Number field, enter the mobile of the counter party.
  8. In the Email ID field, enter the email ID of the counter party.
  9. In the Preferred Communication Mode field, select the preferred communication mode required by the counter party.
  10. In the Address field, enter the address of the counter party.
  11. From the Country field, select the country of the counter party.
  12. From the State field, select the state of the counter party.
  13. In the City field, enter the city where the counter party resides.
  14. In the PIN Code field, enter the PIN code of the city where the counter party resides.
  15. Click Submit to onboard your counter party.
    OR
    Click Cancel to cancel the transaction.
    OR
    Click Back to navigate back to previous screen.
  16. The review screen appears. Verify the details, and click Confirm.
    OR
    Click Edit to modify the submitted parameters if required.
    OR
    Click Cancel to cancel the transaction.
  17. The success message of request initiation for Onboarding a counter party appears along with the reference number.
  18. Click on the View Counter Party link to view the details of existing counter party.
    OR
    Click on the Supply Chain Dashboard link to go to Supply Chain Dashboard.
    OR
    Click on the Back to Main Dashboard link to go to main dashboard.

FAQs

ClosedWho is the Counter Party?

The Corporate’s customer with whom the corporate trades, is its Counter Party. In SCF parlance, the customer added in the Program by an Anchor is termed as Counter Party. This customer needs to be on-boarded as a Counterparty before linking in the Program.

ClosedWhat if the Counter Party is the customer of the Bank?

The Counter Party can be a customer of the bank. For the current release, even if the counter party is the customer of the bank, still you need to provide all the details of the business partner and he will be onboarded as a Counter Party.

ClosedCan the Counter Party get the portal access for SCF?

The current release does not support the provision of portal access to the counterparty where the counter Party is not a customer of the bank.

ClosedWhat if the Counter Party already has an account with the Bank?

If the Counter Party is an existing customer of the bank, then it has to be directly linked to the Program by approaching the bank using existing customer id and not from the portal and not from the portal. When the counter party is already the customer, the Portal access can be provided.

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