The process of prompting for and obtaining payment of a debt or other outstanding obligation. Collection actions to secure payment of a past due balance. (See also Documentary Collection.) Documentary Collection.) Documentary Collection.)

The presentation of documents, through banking channels, relating to the shipment of goods from an exporter (seller) for payment or acceptance by an importer (buyer). (See also Collections.)

When a drawee acknowledges in writing on the face of the draft that the buyer will pay the draft at maturity. (See also Draft, Drawee.) drawee acknowledges in writing on the face of the draft that the buyer will pay the draft at maturity. (See also Draft, Drawee.)

The person or company that sells or arranges to transport goods out of a country.

The beneficiary delivers the documents to the advising bank to negotiate on the seller's behalf. beneficiary delivers the documents to the advising bank to negotiate on the seller's behalf.

The privilege of buying goods, services or borrowing money in return for a promise of future payment.

The presentation of documents, through banking channels, relating to the shipment of goods from an exporter (seller) for payment or acceptance by an importer (buyer). (See also Collections.)

A negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange.

The person, company, or bank upon which a draft is drawn.

The bank that receives a letter of credit issued by the applicant's bank (the issuing bank) and forwards it to the beneficiary without assuming any responsibility or liability other than to verify the authenticity of the letter of credit.

The person or company due payment in the letter of credit. Usually the exporter (seller).

A negotiable instrument that calls for payment of money. The drawer (or seller) orders in writing for the drawee (or buyer) to pay a specific amount of money to the drawer on a certain date. Also called a bill of exchange.

The person, company, or bank upon which a draft is drawn.

A medium of exchange; coined or stamped currency.

(See Draft.)

The person, company, or bank that creates the draft and receives payment.

A right to the payment of money such as agency notes, commercial paper, T-Bills, certificates of deposit (CD's), banker's acceptances and repurchase agreements.

Quality belonging to a document to transfer ownership of money, goods, or other items of value specified in the document by endorsement and/or delivery of the document.

The party (generally buyer/importer) for whose account a letter of credit is established.

The person or company due payment in the letter of credit. Usually the exporter (seller).

Also known as the opening bank. It issues its commitment to the seller in the form of a letter of credit.