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How to Apply for a Letter of Credit on Next Gen CIB? Print

To apply for a Letter of Credit, follow these steps:

Step 1: Log in to iBusiness using your user and go to Digital Service Hub >> Digital Service Hub 

Step 2: Select Product Services


Step 3: Click on the “Trades & Guarantees” drop-down list

Step 4: Select “Initiate LC”

Step 5: Fill / Select all mandatory details. Then, click “Proceed.”

  • Save as Draft – upon clicking this, a draft will be saved where you’re able to come back to later 


Step 6: Fill / Select all mandatory Shipment details. Then, click Proceed. 

Step 7: Select one or more Clause List based on the selection of “Shipment Mode & Incoterms”. Then, click Proceed 

Step 8: Fill/Select all mandatory Instructions. Then, click “Proceed”.

Step 9: User will be redirected to the summary review screen to validate all filled/selected data. Then click “Submit”

Step 10: Enter TOTP 

An acknowledgment Screen will appear providing the user with a Reference Number, Date and Time of Transaction Initiation

Step 11: 

  • Post initiating the request, it will move to the checker’s queue for action.
  • The Approver should log in to iBusiness and click on the transactions tab and go to pending your Authorization
  • The pending items for the action will be available under transaction type “Service Requests”
  • Approver can review the details of the request/documents uploaded, and act (Approve/Reject) on the request initiated.

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