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There are three parties to the L/C settlement method: the applicant for the issuance of the credit, also known as the issuer, the person who applies to the bank for the opening of the letter of credit, that is, the importer in international trade; the issuing bank refers to the commission of the opener. The bank that establishes the letter of credit is generally the bank of the importing place; the beneficiary refers to the person designated in the letter of credit who has the right to use the card, that is, the exporter.
In addition, the letter of credit settlement method may also have other parties, such as the advising bank, the negotiating bank and the payment bank, the confirming bank, etc. The advising bank refers to the bank entrusted by the issuing bank to transfer the letter of credit or notify the beneficiary.
The advising bank is generally the bank of the exporting bank and is usually the agent bank of the issuing bank. A negotiating bank is a bank that buys or discounts a bill of exchange submitted by a beneficiary in accordance with a letter of credit. The paying bank refers to the bill of exchange payer stipulated in the letter of credit, usually the issuing bank, or another bank designated by the issuing bank. A confirming bank is a bank that adds confirmation on a letter of credit at the request of the issuing bank, usually by the advising bank, but may also be acted upon by other banks.
In actual business, the above-mentioned parties may also be owned by a single bank, such as a notice bank, a negotiating bank, and a confirming bank.
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