Bank nominated on a letter of credit to negotiate the bill of exchange, i.e. check the documents, pay the seller and seek reimbursement from the Issuing bank.
'Buying' of a bill of exchange drawn on another party.
When letters of credit are settled by negotiation, a negotiating bank may be nominated to check the documents, pay the seller and seek reimbursement from the Issuing bank. Alternatively the credit may be freely negotiable at any bank.
Accounts held by correspondent banks in each others' currencies.
Each such account has a nostro view - our money held with you - and a vostro view - your money held with us.
Procedure that may carried out to evidence non-payment or non-acceptance of a bill of exchange. A preliminary to a protest. Not recognised in all countries.
Party who is to be notified when goods arrive at their destination.