UNDERSTANDING CRYPTOCURRENCY: AN IN-DEPTH GUIDE
Cryptocurrency has quickly become a popular topic of discussion and investment in the digital age. With its increasing popularity and adoption, it is important to understand the ins and outs of this digital payment system. This comprehensive guide will delve into the world of cryptocurrency, covering its definition, how it works, examples, buying and storing […]
SWIFT MESSAGE TYPES FOR BANK GUARANTEES
SWIFT commonly known as the Society for Worldwide Interbank Financial Telecommunication, is a global messaging network used by banks and financial institutions to securely exchange information and instructions for financial transactions. One of the most common uses of the SWIFT network is for the issuance and transmission of bank guarantees, such as Documentary Letters of […]
IRREVOCABLE PURCHASE ORDERS (ICPO): ENSURING PEACE OF MIND IN INTERNATIONAL TRADE
International trade can be a complex and challenging process. One essential element that can provide peace of mind and security for both buyers and sellers is the Irrevocable Corporate Purchase Order (ICPO). This legally binding document is crucial in confirming the buyer’s intent to purchase a specific product or service from the seller, and it […]
WHAT IS A DOCUMENTARY LETTER OF CREDIT?
A Documentary Letter of Credit (DLC) is an essential financial instrument in international trade that provides a guarantee of payment between buyers and sellers. This article will explore the intricacies of a DLC, its various uses and benefits, and the process involved in obtaining one. Introduction to Documentary Letters of Credit A Documentary Letter of […]
WHAT IS A DOCUMENTARY LETTER OF CREDIT ? (Part 2)
FOR THE BENEFICIARY (THE SELLER/EXPORTER)Payment is guaranteed as long as you comply with the terms and conditions of the documentary letter of credit.You are protected against the inability to pay or bankruptcy of the buyer. The issuing bank assumes credit risk when issuing the DLC.Reduce the collection time of accounts receivable as the DLC speeds […]
