As a Trade transaction moves through the trade workflow, it goes through a number of different statuses as a result of the actions performed. The following tables detail all statuses in Trade Finance.
Pending Approval Statuses
The following table details each Pending Approval status.
STATUS | DESCRIPTION |
---|---|
Ready to Check | The transaction has been created, verified and requires checker authorisation. Once the checker has authorised the transaction, it will move to Ready to Authorise status. |
Ready to Authorise | The transaction has been created, verified and is ready for approval. Once approved, it will move to an Authorised or Partially Authorised status. |
Partially Authorised | The transaction requires multiple approvals and it has already been approved by at least one approver. It will remain in this status until the final approver has authorised the transaction. Once complete, it will move to an Authorised status. |
Repair | This indicates that the transaction has an error and needs to be corrected before it can be authorised. |
Returned by Bank | The transaction has been returned by the bank and needs to be corrected and re-authorised, before it can be processed by the bank. |
Authorised Failed | The transaction has failed the approval process and requires further action. |
Current Instrument Statuses
The following table details each Current Instrument status.
STATUS | DESCRIPTION |
---|---|
Pending | An initial transaction for the instrument has been created but has not been processed by the bank. Once processed, it will move to an Active status. |
Active | An initial transaction for the instrument has been created and processed by the bank. |
Expired | The instrument has expired. |
Past Instrument Statuses
The following table details each Past Instrument status.
STATUS | DESCRIPTION |
---|---|
Cancelled | The instrument has been cancelled. |
Closed | The instrument has been closed. |
Deactivated |
The instrument has been deactivated. Instruments in this status can be reactivated. |
Paid | The instrument has been paid or liquidated. |