accepting house

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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.

accepting house

a division of a MERCHANT BANK or similar organization that ‘accepts’ (guarantees to honour) a BILL OF EXCHANGE, should a borrower default on the loan, in return for an agreed fee. By ‘accepting’ the bill the accepting house makes the bill more negotiable and so enables the bill to be discounted at more favourable interest rates.

accepting house

a MERCHANT BANK or similar organization that underwrites (guarantees to honour) a commercial BILL OF EXCHANGE in return for a fee. See DISCOUNT, REDISCOUNTING, DISCOUNT MARKET.
References in periodicals archive ?
However, Lambert argues that some officers and civilians advising the British Admiralty realized around 1908 that this newfound prosperity could be selectively choked off if the British government blocked a belligerent's use of British merchant ships and undersea telegraph cables and access to London's acceptance houses.
Enhanced due diligence procedures for PEPs: Foreign: NO Domestic: NO KYC covered entities: Commercial banks, acceptance houses, discount houses, money transfer agencies, bureaux de change, legal practitioners, accounting firms, pension funds, real estate agents, cash dealers, and finance houses

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