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Confirming bank

shipping container at sea
Definition

a confirming bank refers to a financial institution that adds its guarantee to a letter of credit issued by the buyer's bank (the issuing bank). When the seller (beneficiary) receives a letter of credit with the confirmation of a bank, it provides an additional layer of security and assurance of payment. The confirming bank undertakes the responsibility of making payment to the seller upon compliance with the terms and conditions of the letter of credit, mitigating the payment risks associated with international trade transactions.

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Confirming bank

Definition

a confirming bank refers to a financial institution that adds its guarantee to a letter of credit issued by the buyer's bank (the issuing bank). When the seller (beneficiary) receives a letter of credit with the confirmation of a bank, it provides an additional layer of security and assurance of payment. The confirming bank undertakes the responsibility of making payment to the seller upon compliance with the terms and conditions of the letter of credit, mitigating the payment risks associated with international trade transactions.

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Our experts love to answer questions. Fill out the form and someone will contact you soon.

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Get the Most Advanced Visibility Into the Journey of Your Ocean and Rail Containers

Talk to one of our supply chain experts to get started now.
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Shipping container at seaShipping container at sea