Accepting Bank


Also found in: Dictionary.
Related to Accepting Bank: Notifying Bank

Accepting Bank

A bank in a country to which another bank sends a letter of credit on behalf of a client. The accepting bank honors the letter of credit and transfers requested funds to the client. This is similar to an advising bank, though the latter term refers exclusively to a bank in different country; an accepting bank may be (but is not necessarily) in the domestic country.
References in periodicals archive ?
The move by Austria comes after Germany's Bundesbank became the first central bank to announce it would no longer be accepting bank bonds backed by the three countries, the report said.
The agreement, signed by Finansnaeringens Hovedorganisasjon (the Norwegian Financial Services Association), Sparebankforeningen (the Norwegian Savings Banks Association) and Bankenes Betalingssentral, bound the banks to using BBS for the collection of transaction data from shops accepting bank cards.
There are the state supreme court justices, Ray Klingbiel and Roy Solfisburg, under investigation for accepting bank stock from a lawyer whose criminal appeal was before them.
If the accepting bank, the primary obligor, fails to meet its payment obligation, the holder of the note - assuming the bank has sold the B/A in the open market - has recourse back to the drawer of the draft, the secondary obligor.
That's because those stores offer point-of-banking (POB) services at the courtesy counter, accepting bank deposits, cashing checks and paying utility bills.
AMSTERDAM, The Netherlands -- GlobalCollect merchants accepting Bank Transfer payments from Korea, Japan, and Taiwan are now taking advantage of unique virtual account numbers issued for each order.
However, accepting bank transfers from countries in this region is difficult and time-consuming and increasingly difficult to match payments based on the typical unique reference number that is generated for each online order's payment.
Contract notice: The contract of services for accepting bank cards and financial transactions through payment terminals (2 lots).
Merchants have historically been reluctant to accept card payments due to the comparatively low cost of accepting bank transfer payments from consumers at the POS, and this has had a huge impact on the level of general purpose card use.