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What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
What is a irrevocable payment?
An irrevocable payment is one that signifies the fact that, no matter what the payment made would not be reversed. Lets say you make a credit card payment to your card using a bank's website that has the clause of irrevocable payment in the conditions. while entering your card number if you enter one digit wrongly and click submit the amount may go into the wrong account. even if you claim of the mistake the money is gone and the bank would not reverse the payment. that is irrevocable payment.
Can bank gives irrevocable guarantee?
yes
What is a mt999?
MT999 is similar as MT799, is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799/MT999 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.
What is ICBPO?
Irrevocable Conditional Bank Pay Order
What is an irrevocable bank payment undertaking and what are its benefits to the seller?
And your revocable bank payment is a bank payment that cannot be rescinded. The advantage to the seller is once the payment is issued, it cannot be canceled.
What is a irrevocable payment?
An irrevocable payment is one that signifies the fact that, no matter what the payment made would not be reversed. Lets say you make a credit card payment to your card using a bank's website that has the clause of irrevocable payment in the conditions. while entering your card number if you enter one digit wrongly and click submit the amount may go into the wrong account. even if you claim of the mistake the money is gone and the bank would not reverse the payment. that is irrevocable payment.
Can bank gives irrevocable guarantee?
yes
What is a mt999?
MT999 is similar as MT799, is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. The MT799/MT999 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.
What is ICBPO?
Irrevocable Conditional Bank Pay Order
What is a SWIFT FIN 799?
FIN 799 or also called MT799 is a simple text message, sent bank to bank. This is used for a bank to bank proof of funds, only. MT799 is not a form of payment and it is not a bank undertaking or promise to pay. It is simply a bank to bank confirmation of the funds on deposit, nothing more.
What is buyer's credit?
A financial arrangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer or to a bank in the importing country to pay for the purchase of goods and services from the exporting country. Also known as financial credit. This term does not refer to credit extended directly from the buyer to the seller (for example, through advance payment for goods and services). The Practicla example is that foreign Bank makes payment to exporter based on either Letter of Undertaking from the Importer bank or based on their risk on Importer. Letter of Undertaking is simply confirmation by a bank here in importer country to pay to exporter bank thus exporter bank risk get reduced. The Letter of undertaking is issued by Importer bank on the basis of risk on Importer. Simply , Importer Bank takes risk on Importer , This bank sends LOU to exporter bank which in turn takes risk on Imprter bank and makes payment. On fimal day Importer bank recover money from importer and makes payment to exporter bank. This all exercise is done to exploit existance of interest rate arbitrage.
What is mt799 pre-advice?
MT799 Pre-advice is a simple SWIFT Text Message sent from buyer's bank to seller's bank. This is used for a bank to bank POF (Proof of Funds) only. The Swift MT799 is not a form of payment & is not a bank undertaking or a promise to pay. It is simply a bank to bank confirmation of the funds on deposit.
What is mt799 pre advice?
MT799 Pre-advice is a simple SWIFT Text Message sent from buyer's bank to seller's bank. This is used for a bank to bank POF (Proof of Funds) only. The Swift MT799 is not a form of payment & is not a bank undertaking or a promise to pay. It is simply a bank to bank confirmation of the funds on deposit.
What does the term irrevocable mean in a bank or checking account?
In the context of a bank or checking account, "irrevocable" means that the actions or decisions associated with the account cannot be undone or reversed. For example, if a transaction or transfer is marked as irrevocable, it cannot be cancelled or revoked once it has been initiated. This term is used to indicate that the action is final and cannot be changed.
What is MT 752 MT 754 and MT 799?
MT 752 Authorisation to Pay, Accept or Negotiate This message is sent by the issuing bank, or the nominated bank if so authorised by the issuing bank, to a paying/accepting/ negotiating bank in response to a request for authorisation to pay/accept/negotiate/incur a deferred payment undertaking previously requested via an MT 750 Advice of Discrepancy or otherwise. It is used to advise the Receiver that documents may be taken up, notwithstanding the discrepancies, provided they are otherwise in order. Primarily a message used to send acceptance for usnace LC documents MT 754 Advice of Payment/Acceptance/Negotiation This message is sent by the paying, accepting or negotiating bank, or the bank incurring a deferred payment undertaking, to the issuing bank. It may also be sent by the bank to which documents have been presented to a bank that has been nominated to pay/accept. It is used to advise the Receiver that documents were presented in accordance with the credit terms and are being forwarded s instructed. The MT 754 may also be used: for the settlement of the payment/negotiation as a pre-notification of a reimbursement claim from the claiming bank to the issuing bank is a pre-debit notification from the claiming bank to the issuing bank (note: where a pre-debit notification from the reimbursing bank to the issuing bank is required, banks should use the MT 799 Free Format message, specifying the future date of debit) MT 756 Advice of Reimbursement or Payment This message is sent by the issuing bank to the bank from which it has received documents or by the reimbursing bank to the bank from which it has received a reimbursement claim. It may also be sent by the bank nominated to pay/accept/negotiate/incur a deferred payment undertaking to the bank from which it has received documents. It is used to advise the Receiver about reimbursement or payment, to that bank, for a drawing under a documentary credit or which no specific reimbursement instructions or payment provisions were provided.
What is the difference between a scheduled bank and public sector bank?
A scheduled bank is a private sector bank given a schedule status by the RBI while a Public sector bank is a government undertaking bank .Some scheduled bank were nationalised to merge with other public sector bank or operate independently as government undertaking banks.
