Did you know that you may need up to for banks to complete an international trade through trade financing?
1. An issuing bank-to write a letter of credit (Importer’s bank)
2. An advising bank –to notify the seller of the payment guarantee (Exporter’s bank)
3. A nominated bank-to pay the advising bank on behalf of the issuing bank
4. A confirming bank-to authenticate documents on behalf of the issuing bank and advising bank
We should use the blockchain/smart contracts to make international trade more efficient and less bureaucratic.
Topic: Someone should Fix Trade Financing Using Blockchain/smart Contract (Read 280 times)
February 06, 2017, 09:46:45 AM
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