Issuing bank

Issuing bank

Bank that issues a letter of credit.

Issuing Bank

A bank that writes a letter of credit, especially on behalf of an exporter. The issuing bank operates in the country of the importer, and facilitates trade between the importer and exporter by providing credit for the transaction. It is also called an opening bank.
References in periodicals archive ?
Strong authentication is ensured by the combination of outbound call by the issuing bank, by voice authentication and by customer's phone ownership.
As part of security and banking procedures we contacted the issuing bank and notified them about the cheque.
A circular of BB has re-fixed the fee at Tk20 per transaction for cash out from ATM booths of banks other than the card issuing bank.
Global Banking News-December 10, 2013--Panel asks Reserve Bank of India to desist from issuing bank licences to industrial houses
There is a case of allegedly forfeited check reported to our office where the issuing bank is Landbank of the Philippines," said SSS Vice President for Public Affairs Marisu Bugante in interview with Inquirer Radio 990AM anchors.
The DCIP is an effective tool to mitigate risk of non-payment of LC arising from a variety of factors, which include insolvency of the buyer/ issuing bank; failure or refusal of the issuing bank to provide reimbursement on due date; currency inconvertibility and transfer restrictions imposed by issuing bank's country; expropriation, confiscation or government intervention in the business of the issuing bank; and war or civil disturbance in the issuing bank's country.
The policy is an effective tool to mitigate risk of non-payment of LCs arising from a variety of factors including insolvency of the buyer/ issuing bank; failure or refusal of the issuing bank to provide reimbursement on due date; currency inconvertibility and transfer restrictions imposed by issuing bank's country; expropriation, confiscation or government intervention in the business of the issuing bank; and war or civil disturbance in the issuing bank's country.
Moreover, for the back to back/counter-guarantee issuing banks situated in foreign countries, National Scale Rating of at least 'A' or equivalent shall also be acceptable provided the guarantee issuing bank in Pakistan is comfortable with it.
Any disputes concerning the beneficiary's performance of its obligations under the contract with its counterparty, and/or any issues between the issuing bank and the contract counterparty, who frequently arranges for the bank's issuance of the letter of credit, including the counterparty's bankruptcy filing or inability to reimburse the bank for any letter of credit drawings, have no bearing on the bank's obligation to pay the beneficiary once the beneficiary presents conforming documents under the letter of credit.
SecureCode must be offered by your card's issuing bank and merchants must be signed up for consumers to benefit.
Surely they would all save a fortune by simply issuing Bank of England notes.
The bank will be allowed to continue issuing bank debentures for 10 years after conversion, they added.