Guide to the new Online Trade Services (LOTS)

 

  1. Frequently Asked Questions

    1.1. Why are Lloyds changing LOTS?
    This is the start of a major investment in the Trade services we offer you. As well as incorporating new, global changes to the SWIFT rules that will speed up the process of trading internationally, our plans for Online Trade Services include adding document imaging, Financing and integration into Commercial Banking Online.

    Updating LOTS is being done in parallel with our back office systems. Collectively, these changes will allow us to implement new features in the future more quickly. This includes updates to SWIFT in 2019 as well.

    1.2. Why do I have to dual run old and new LOTS?
    All Letters of Credit and Documentary Collections, whether initiated by you or advised in your favour, have some form of ‘expiry date’. This date depends on factors like the number of Shipments or the Term/Tenor assigned to an instrument. This means each client portfolio is different and moving data between new and old systems is extremely complex. As a result we are using the natural run-off of transactions as part of the migration process.

    1.3. What are the changes to SWIFT?
    Nov 2018 brings industry level changes to Letter of Credit messages such as MT700 (Issue) and MT707 (Amendment) increased message size, new field validation and structure.

    Nov 2019 brings Guarantees/Standby Letter of Credit changes, MT760 (Issue), MT767 (Amendment), new message types, field validation and structure.

    1.4. How do I view and/or amend old transactions?
    You can continue logging on to old LOTS to view and report on activity against your existing transactions. This includes monitoring payments and running reports on outstanding amounts & liabilities. However, we ask you not to use old LOTS to raise completely new transactions once we’ve issued your company with access to new LOTS.

    If you need to amend existing Letters of Credit and/or Collections, such as adding extra shipments, you can do this using the old version of LOTS. However, if an amendment could extend the run off date of an instrument and delay your move to the new system we will contact you.

    In these circumstances, we may need to issue a completely new Letter of Credit/Collection incorporating the amendments made. We will create that and you will see it in the new version of LOTS’. This will not have any impact on your supply chain or the other terms you have agreed.

    We will arrange the new transaction with the other bank(s) and no further action by you is required. You will only be charged the cost of an Amendment (where applicable and in accordance with your tariff).

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  2. Changes to LOTS screen layout

    2.1. Home page – new functionality

    2.1.1. FX Mid Rates
    ‘Mid-Rate’ is a term used to describe the average rate agreed upon when conducting a foreign exchange. It is calculated using the median average of the bid and offer rates.
    LOTS now has a table of indicative mid-rates for five currencies; USD, EUR, CNY, IDR & CHF.

    2.1.2. Outstanding per product
    A bar chart showing the total value of Trade products your company has outstanding at last nights close of business.

    2.2. Menus
    LOTS now has simple drop down menus, accessible anywhere within the application. This means you can navigate across products and modules without returning to the Home Page.

    2.3. Bookmarking screens
    Choose the pages and activities you use most often and make them into your own list for easy access. Think of it as creating your own personal options menu.

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  3. System compatibility

    We have created a web page providing guidance on all aspects of operating LOTS and security when using a web application. This is available at http://resources.lloydsbank.com/cbonlinesupport/security/

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  4. Changes to Guarantees

    4.1. Viewing Guarantees in your favour – new functionality
    If you request another company or organisation to issue a Guarantee in your favour, and you choose to route it via Lloyds Bank you can view it on LOTS. You can also receive an email alert when any changes to the Guarantee are made.

    4.2. Bank Guarantee & Standby Letter of Credit Templates
    LOTS now includes a library of bank Guarantee and Standby Letter of Credit wording covering a wide range of usages. You can view these on screen or in PDF format, and email to others for agreement.

    The full list of bank standard wording follows:

    GUARANTEES
    Template Description
    GUARANTEE TYPE
    Adv. Payment 3rd Docs - English Law
    ADVANCE PAYMENT
    Advance Payment - English Law
    ADVANCE PAYMENT
    Advanced Payment - URDG
    URDG ADVANCE PAYMENT
    Advanced Payment 3rd Docs - URDG
    URDG ADVANCE PAYMENT
    Gen. Banking No Exp. - English
    BANKING FACILITIES
    General Banking - English Law
    BANKING FACILITIES
    Loan - English Law
    LOAN
    Overdraft - English Law
    OVERDRAFT
    Overdraft No Expiry - English Law
    OVERDRAFT
    Performance - English Law
    PERFORMANCE
    Performance - URDG
    URDG PERFORMANCE
    Performance 3rd Docs - English Law
    PERFORMANCE
    Performance 3rd Docs - URDG
    URDG PERFORMANCE
    Rentention - English Law
    RETENTION MONIES
    Rentention - URDG URDG RETENTION MONIES
    Tender - English Law
    TENDER
    Tender - URDG
    URDG TENDER
    Trade Debt - English Law
    TRADE DEBT
    Trade Debt Accept. BE - English Law
    TRADE DEBT
    Trade Debt Copy Inv. - English Law
    TRADE DEBT
    Warranty - English Law
    WARRANTY
    Warranty - URDG
    URDG WARRANTY

    STANDBY LETTERS OF CREDIT
    Template Description
    SBLC TYPE
    General Banking Template
    BANKING FACILITIES
    General Banking Evergreen Template BANKING FACILITIES
    Loan Template
    LOAN
    Amended bank template text
    OTHER
    Overdraft Template
    OVERDRAFT
    Overdraft Evergreen Template
    OVERDRAFT
    Trade Debt Template
    TRADE DEBT
    Trade Debt Accepted BE Template
    TRADE DEBT
    Trade Debt Invoice Template
    TRADE DEBT

    4.3. Negotiating your own Guarantee wording
    Negotiate and agree non-standard Guarantee & Standby LC wording online with Lloyds, complete with audit trail. If you have your own Guarantee wording you need to agree with Lloyds, you can now submit it for review via new LOTS and then manage amendments with our Trade Services team. This provides a secure and auditable method for communicating with us, and once the wording is agreed you can use LOTS to issue the Guarantee.

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  5. Changes to Maintenance menus

    5.1 Roles - Old vs New LOTS
    Click here for a full table view.

    5.2 Authorisation
    Click here for further information in regard to Authorisation.

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  6. Changes to authorising transactions

    6.1. More control to suit your organisation
    You can now stipulate up to 4 levels of authorisation for each transaction, as well as choosing whether approvals are sequential or in any order.

    6.2. Enhanced email alert functionality
    Each LOTS User can receive email alerts when a transaction has been updated or requires their attention, for example you may have a different person handling Shipping information and need to pass a draft application to them for completion.

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  7. Changes to Letters of Credit

    7.1. Import Letter of Credit
    We’ve incorporated additional field level detail to support Sanctions checks, notably country fields and goods description fields new or enhanced.

    7.2. Export Letters of Credit
    Enhanced support for partial Transfer of the proceeds to a third party.

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