国际结算的考试必备点

Meaning of International Settlementthe financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle claims and debts, emerged in the course of political, economic or cultural contacts among them. Negotiable instruments :bills of exchange, promissory notes, checks Payment techniques:remittances, collections, letters of credit, standby L/C, bank guarantees, international factoring and forfaitingDocuments: bills of lading, insurance policies, certificates of origin, etc SWIFT—Societyforworldwideinter-bank financial telecommunication) , established in 19731) Faster, More Reliable Communication 2)ReducedTransaction Errors3)Lower Transmission Costs4) Greater Efficiency5) Better Statistics6) Increased Security Types of payment techniques ConsignmentOpen accountDocumentary collectionLetters of credit Guarantees/standby letters of credit Payment in advanceFactoringForfaitingCorrespondent bank- the basis for cooperation of commercial banks all over the world to fulfill international settlement “a bank having direct connection or friendly service relations with another bank.”The meaning of negotiable instrumentin a broad sense, a negotiable instrument refers to any commercial title ownership.in a restricted sense, a negotiable instrument is a written document that contains an unconditional promise by the drawer to pay the payee or an unconditional order by the drawer to the drawee to pay the payee a fixed amount of money a definite time. characteristics of negotiable instrument Negotiability Non-causativeRequisite in formLiterally determined contentPresenting for paymentFunctions of negotiable instrument payment instrumenttransferable instrumentcredit instrumentfinancing instrumentparties involved of negotiable instrument出票人drawer 付款人payer/drawee收款人payee 背书人endorser承兑人acceptor 持票人holderBill of exchangeA Bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed (drawee) to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a specified person or to bearer.汇票的样式汇票Absolutely necessary itemsThe word “exchange”An unconditional order to payA fixed amount of moneyName of the payeeDate of issueThe signature of the drawerName of drawee汇票Relatively necessary itemsPlace of issue Place of payment Tenor EndorsementThe payee or holder signs on the back of the bill and delivers it to the endorseeAcceptanceThe drawee sign on the face of bill, and deliver it to the person presenting for acceptance, by which the drawee shows his assent to the order of drawer Holder for value :a person who possesses an instrument for which value has been given by himself or by some other person prior to him in forms of money, goods,or services. International exchangerefers to operational activities related with the currency conversion and transfer of funds between countries in order to settle the claims and debts by payment instrumentsReimbursement of remittance cover(1)incover,we have credited your a/c with us RemittingbankPaying bank2)incover,please debit our a/c with you In cover, we have authorized A to debit our a/c and credit your a/c with them RemittingbankPaying bank Reimbursing bank AMeaning of Promissory noteA promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer.Collection on financial documents being accompanied by commercial documents or collection on commercial documents without financial documents.The documents will be released to the importer only when payment or acceptance is made.Documents against payment，D/PD/P at sightD/P at … days after sightDocuments against acceptance，D/AD/A at …days after sightD/A at …days after B/L dateThe concept of a L/CA L/C is a written undertaking by theissuing bank at the request and in accordance with the instruction of the applicant) to the beneficiary,under which the bank will pay a sum certain in money to the beneficiary if the beneficiary provides the bank with specified documents within a prescribed time period, which all comply with the terms and conditions of the credit.Characteristics of L/CA written undertaking on the part of the issuing bankIndependent of the sales contract Exclusively dealing with documentsTypes of a L/CAccording to whether there are documents attached : clean credit and documentary creditAccording to the adding of confirmation confirmed L/C&silent confirmation According to the mode of availability Accordingtowhetherthe credit can transferred or not: transferable L/CBack to back L/CRevolving L/CAnticipatory L/Creciprocal L/C and escrow L/C Transferable L/CA credit under which the beneficiary (first beneficiary) may request the bank authorized to pay, incur a deferred payment undertaking, accept or negotiate (the “transferring bank”), or in the case of a freely negotiable credit, the bank specifically authorised in the credit as a transferring bank, to make the credit available in whole or in part to one or more other beneficiary (second beneficiary)Back to back L/CThe beneficiary of an irrevocable credit (primary credit) may use the credit as security to open a separate credit (back-to-back credit /subsidiary creditBack to back &transferable CreditIntroduction to a L/GA letter of guarantee is an irrevocable undertaking used for securing payment or performance, by which the issuer holds itself financially liable for payment or for the consequences of non-performance of the obligations by a third party towards the beneficiaryStandby L/CStandby letter of credit means an issuer on behalf of an applicant that represents an obligation to the beneficiary, pursuant to a complying presentationInternational Factoringis a full financial package provided by a factor, by which the seller may assign accounts receivable to the factor for the following servicesForfaitingThe purchase of a series of credit instruments by the forfaiter on a non-recourse basis.The time bill or note should originate from commercial trade of commodities or technology rather than pure financial or working capital operations。