International Payments
What is a confirmed letter of credit?
A confirmed letter of credit is a formal written undertaking issued by a bank in the buyer's country (issuing bank) and guaranteed or confirmed by a bank in the seller's country (confirming bank) in accord with which both banks agree to pay a seller (the letter of credit beneficiary) a specified amount on behalf of a buyer (the letter of credit applicant/account party), if the seller complies with the terms and conditions that are specified within the letter of credit.
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