We take a dive into the world of Letters of Credit (LCs) and Standby Letters of Credit – some of the essential tools in cross-border trade transactions.
Interbank and bank-to-corporate messaging remains a challenge, and whilst the industry welcomes moves towards structured data and SWIFT’s new messaging types, there are still challenges.
Letters of Credit are an involved subject. Bankers spend lots of time studying the various types and rules and regulations. “But hold on” I hear you say. I thought this article was entitled ‘Demystified.’ Well, for the typical importer or exporter dealing in individual transactions, they can be quite straightforward.
Earlier this week, Ripple announced that Euro Exim Bank, a specialised UK-based trade institution, was the first bank to publically announce that it will be using Ripple’s XRP cryptocurrency to… read more →