A New York tea merchant contracts to buy a large quantity of English Tea from a London seller. The buyer asks its New York bank to open a confirmed letter of credit in favor of the seller. The Merchant’s Bank of New York uses the dedicated SWIFT network to contact the London Commercial Bank and asks it to add its confirmation and advise the London seller that a confirmed letter of credit has been issued in favor of the seller by the New York buyer. The electronic message calls for “Payment against documents for English Green Tea in bulk. Details to follow by mail.”
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