Manikandan Narayanan
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Articles
Recent activity by Manikandan Narayanan-
What is an IBAN number?
What Is an International Bank Account Number (IBAN)? IBAN stands for International Bank Account Number. The IBAN facilitates the automation of cross-border payment transaction processing. Each coun...
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Pre-Opening an Advance
The source of financing provided by the banks to the companies, to meet their short-term requirements is known as 'Advances'. Advances on sight documents and the discounting of usance documents a...
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Loans
An amount that is in the form of debt given out by a financial organization to another firm or an individual in exchange for the future repayment of the same amount along with interest over a perio...
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Advances
What are Advances and how this is handled in the System? 'Advances' are the source of financing provided by the banks to the companies, to meet their short-term requirements. Advances are a credit ...
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Demand Guarantees and Standby letters of credit
An independent undertaking by a bank (hereafter named ‘Guarantor’). The Guarantor becomes obligated to pay an amount, specified in the Guarantee, provided the terms of its Guarantee are complied wi...
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Re-Opening closed Import Collection
There is a Possibility to reactivate a previously closed import collection contract in the System in order to process other transactions. To Re-open a Import Collection contract, BCTROP transact...
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Closing Import Collection
The Created import collection contract can be closed at any time for several reasons. To Close an existing Import Collection contract, BCTCAN transaction is used. Select it from the menu item[I...
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Main parties in a documentary credit transaction
The applicant for a documentary credit is the buyer that asks its bank to issue the credit. An applicant is not a party to a documentary credit. Issuing bank − The bank acting for the applicant by...
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Documentary credits
Documentary credits are very often used to settle the payment obligation of a buyer and, in the context of an issuing bank, may be defined as:an irrevocable undertaking given by a bank whereby it u...
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Promissory notes?
A promissory note is also a negotiable instrument, similar to a bill of exchange, except that there are only two parties. A 'Promissory note' is an unconditional promise in writing made by one pe...