Issuing bank

Issuing bank

Bank that issues a letter of credit.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The ATM fee collected is used by the issuing bank to pay the other banks that accepted its customers' card-based transactions also known as "interchange fee" as well as to cover other costs such as fraud-related losses.
Ohio-based Sutton Bank is to act as the issuing bank for Cuentas Inc's soon to be launched FinTech card.
A LoU is a guarantee given by an issuing bank to Indian banks with branches abroad to grant short-term credit to the applicant.
News Report Eastern Bank Limited (EBL) has received two prestigious global awards - '2017 Best Issuing Bank Partner-South Asia' and '2017 Best Trade Operations Bank Partner-South Asia' from international Finance Corporation (lFC) of World Bank Group.
This means the seller's bank has a correspondent relationship (credit relationship) with the issuing bank and assumes the credit and country risk of the issuing bank.
Summary: BGEO Group PLC (the Ee"GroupEe" or Ee"BGEOEe"), announces that its banking business subsidiary, JSC Bank of Georgia (Ee"the BankEe") has been recognised as the Best Issuing Bank Partner for Women Owned Businesses in Europe and Central Asia in 2017 by International Finance CorporationEe's (Ee"IFCEe") Global Trade Finance Programme (Ee"GTFPEe") in cooperation with Banking on Women Programme.
Tawuniya's Marketing General Manager Majed Al Bahiti said that the newly-launched service aims to reduce the burden on vehicle owners by making the payment process of (Al-Shamel) insurance policies much easier, whereby customers pay the full amount using their credit cards then the issuing bank deducts it over 12 monthly installments with 0% interest.
"We have been issuing bank notes since 1838 and it's as vital as ever to ensure we are creating currency fit for modern-day use."
M Ali Taufiq, GM Khi, Zabe Khan, Director Marketing Careem Pakistan; Shahzad Ishaq, Head of Consumer Finance Bank Alfalah; and Usman Khan, Head of Cards Issuing Bank Alfala were also present on the occasion.
financial market guaranteed by the United States Agency for International Development (USAID), was co-led Wednesday by Finance Minister in the Caretaker government Slim Chaker and Central Bank of Tunisian (BCT) Governor Chedly Ayari, acting for and behalf of the State, the issuing bank announced in a press release, Thursday.
Strong authentication is ensured by the combination of outbound call by the issuing bank, by voice authentication and by customer's phone ownership.