Bank payment obligation: Difference between revisions
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imported>Doug Williamson m (Put acronym at beginning of term explanation) |
imported>Doug Williamson m (See also added and additional category - 30/10/13) |
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A bank payment obligation is a payment instrument that automates the payment of trade transactions. It is an irrevocable undertaking of the importer’s bank to pay a specified amount to the exporter’s bank when it receives notification of a data match from an independent data matching service. | A bank payment obligation is a payment instrument that automates the payment of trade transactions. It is an irrevocable undertaking of the importer’s bank to pay a specified amount to the exporter’s bank when it receives notification of a data match from an independent data matching service. | ||
==See also== | |||
* [[Letter of credit]] | |||
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*[http://www.iccwbo.org/About-ICC/Policy-Commissions/Banking/Task-forces/Bank-Payment-Obligation-(BPO)/ International Chamber of Commerce Uniform Rules for Bank payment Obligation (URBPO)] | *[http://www.iccwbo.org/About-ICC/Policy-Commissions/Banking/Task-forces/Bank-Payment-Obligation-(BPO)/ International Chamber of Commerce Uniform Rules for Bank payment Obligation (URBPO)] | ||
[[Category:Trade_Finance]] | |||
[[Category:Payment_and_Clearing_Systems]] | [[Category:Payment_and_Clearing_Systems]] | ||
Revision as of 09:45, 30 October 2013
(BPO).
A bank payment obligation is a payment instrument that automates the payment of trade transactions. It is an irrevocable undertaking of the importer’s bank to pay a specified amount to the exporter’s bank when it receives notification of a data match from an independent data matching service.
See also
