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).

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
OTS 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.

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/

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:

full list of bank standard wording

GUARANTEES

GUARANTEES

Template Description

GUARANTEE TYPE

GUARANTEES

Adv. Payment 3rd Docs - English Law

ADVANCE PAYMENT

GUARANTEES

Advance Payment - English Law

ADVANCE PAYMENT

GUARANTEES

Advanced Payment - URDG

URDG ADVANCE PAYMENT

GUARANTEES

Advanced Payment 3rd Docs - URDG

URDG ADVANCE PAYMENT

GUARANTEES

Gen. Banking No Exp. - English

BANKING FACILITIES

GUARANTEES

General Banking - English Law

BANKING FACILITIES

GUARANTEES

Loan - English Law

LOAN

GUARANTEES

Overdraft - English Law

OVERDRAFT

GUARANTEES

Overdraft No Expiry - English Law

OVERDRAFT

GUARANTEES

Performance - English Law

PERFORMANCE

GUARANTEES

Performance - URDG

URDG PERFORMANCE

GUARANTEES

Performance 3rd Docs - English Law

PERFORMANCE

GUARANTEES

Performance 3rd Docs - URDG

URDG PERFORMANCE

GUARANTEES

Rentention - English Law

RETENTION MONIES

GUARANTEES

Rentention - URDG

URDG RETENTION MONIES

GUARANTEES

Tender - English Law

TENDER

GUARANTEES

Tender - URDG

URDG TENDER

GUARANTEES

Trade Debt - English Law

TRADE DEBT

GUARANTEES

Trade Debt Accept. BE - English Law

TRADE DEBT

GUARANTEES

Trade Debt Copy Inv. - English Law

TRADE DEBT

GUARANTEES

Warranty - English Law

WARRANTY

GUARANTEES

Warranty - URDG

URDG WARRANTY

STANDBY LETTERS OF CREDIT

STANDBY LETTERS OF CREDIT

STANDBY LETTERS OF CREDIT

Template Description

SBLC TYPE

STANDBY LETTERS OF CREDIT

General Banking Template

BANKING FACILITIES

STANDBY LETTERS OF CREDIT

General Banking Evergreen Template

BANKING FACILITIES

STANDBY LETTERS OF CREDIT

Loan Template

LOAN

STANDBY LETTERS OF CREDIT

Amended bank template text

OTHER

STANDBY LETTERS OF CREDIT

Overdraft Template

OVERDRAFT

STANDBY LETTERS OF CREDIT

Overdraft Evergreen Template

OVERDRAFT

STANDBY LETTERS OF CREDIT

Trade Debt Template

TRADE DEBT

STANDBY LETTERS OF CREDIT

Trade Debt Accepted BE Template

TRADE DEBT

STANDBY LETTERS OF CREDIT

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.

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.

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.

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.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Telephone: 020 7626 1500

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

Lending is subject to status.

We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk