1 minute read
Parties involved in the standby letter of credit process
The applicant – The person or client of the bank who applies for the standby letter of credit at the bank. The issuing bank – The applicant or buyer’s bank that issues the standby letter of credit. The beneficiary –They are known as the exporter or the seller who needs or favors the standby letter of credit issued.
Confirming bank – The bank that adds its confirmation to the credit upon the issuing of the bank’s request.
Advertisement
Advising bank – It is the bank that may collect and accept the standby letter of credit on behalf of the beneficiary.
The process of applying the standby letter of credit at the SBLC providers easily. You must choose the right bank where you can apply for the financial instrument. Make sure that you choose the right financial organization where you can get it in the safest and most secure way. After applying online, the financial instrument will be delivered to you within a week or two.