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Trade Services For
Financial
Institutions |
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Letter of Credit Reimbursement helps
you to simplify a complex trade finance problem: how to settle
payment when the issuing bank is not a correspondent of the
beneficiary bank. The solution is to incorporate a reimbursement
instruction into the terms of the letter of credit, allowing
a beneficiary bank anywhere in the world to claim payment
from a nominated reimbursement bank holding a pre-authorised
debit instruction from the issuer of the credit. The reimbursing
bank is not a party to the letter of credit but acts as paying
agent for the issuing bank.
Standard Chartered has a number of value-added features to
the standard reimbursement offering, such as pre-advice notification
of payment, blanket authorisations, reimbursement undertakings
and authorisations processing.
What does Standard Chartered offer?
Standard Chartered is a leader in trade finance and provides
expert assistance with letter of credit reimbursements. Our
vast global payments network, which includes more than 2,500
correspondent account relationships, provides the foundation
for efficient letter of credit funds settlement throughout
the world.
The United States is the largest market for reimbursements
because the majority of world trade is conducted in US dollars.
Standard Chartered has over 100 years of experience in the
United States and is a member of both the Federal Reserve
and CHIPS clearing systems. We are one of the largest foreign
bank processors of US dollar payments through CHIPS. In addition,
we offer Reimbursement Services in the United Kingdom for
Sterling and Euro, Japan for the Yen, Hong Kong for both US
and Hong Kong Dollar, and Singapore for both US and Singapore
Dollar.
Revenue sharing arrangements are offered to high volume users,
and further details can be obtained from your Relationship
Manager.
For more information about Standard Chartered's Reimbursement
Services, please contact
your local Relationship Manager.
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