issuing bank
Definition
Buyer's or importer's bank which establishes (opens) a letter of credit (L/C) in favor of a beneficiary (seller or exporter), forwards it to an advising bank for delivery to the beneficiary, and commits itself to honor demand drafts drawn by the beneficiary against the amount specified in the L/C. Also called opening bank.
issuing bank is in the Accounting & Auditing, Banking, Commerce & Finance and International Trade & Relations subjects.
issuing bank appears in the definitions of the following terms:
letter of credit (L/C),
irrevocable letter of credit (L/C),
documents sent on approval,
payment under reserve,
advised credit,
discrepancy letter of credit (L/C),
advice for beneficiary,
direct pay letter of credit (L/C),
outward credit,
advice of credit
and
issuing bank appears in these other term: second issuing bank
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