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What parties are involved in a documentary credit transaction?

April 26, 2017credit Documentary involved Parties transaction

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What parties are involved in a documentary credit transaction?

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Applicant = buyer/importer Instructs his bank to issue a documentary credit. Issuing bank = the buyer’s bank The bank instructed to issue a documentary credit and which assumes a payment obligation on the buyer’s behalf. Advising/confirming bank = bank of the beneficiary (seller) Advises or confirms the documentary credit to the beneficiary on the instructions of the issuing bank. Beneficiary = seller/exporter Receives the documentary credit issued in his favour.