Intro For importers, it’s important to be cautious about a “TTR” (telegraphic transfer reimbursement) clause in a Letter of Credit. This clause allows the negotiating bank to send a SWIFT request and get paid by your bank before the documents even reach you—and before you’ve had a chance to check them and use them to claim the goods. This can …

Vijay Ramanuiam – a respected expert in export credit and letters of credit – recently shared with me an article titled “Shipowner on Hook for Swiss Bank’s Gulf Petrochem Loss”, authored by Felix Thompson and published in Global Trade Review on 23 July 2025. Read the article here. The piece covers a significant decision by the High Court of Madras …

Intro: When a letter of credit calls for a EUR.1 certificate, can a beneficiary submit one that covers only part of the shipment—while the rest of the goods lack preferential origin? In this thought-provoking question from Domenico, we examine whether such a presentation is compliant or discrepant under UCP and ISBP rules. As always, when it comes to documentary credits, …

(Fresh Hot Q&A Just Dropped) As AI makes its way into banking—automating everything from LC data entry to document checking—many professionals in International Payments and Trade Finance are starting to worry: Will there still be a place for me? A heartfelt question from Hà—a former “hardcore trade finance insider”—sparked a very honest and timely conversation. And as always, I don’t …

When it comes to checking transport documents under a letter of credit, sometimes the devil is in the signature box. A common situation arises where the same company acts both as agent for the shipper and the carrier — but only signs in one spot. Does that fly under UCP 600 rules? Or is it grounds for a discrepancy? Let’s …

In the world of Letters of Credit, being nominated doesn’t always mean being obligated. This subtle—but crucial—distinction lies at the heart of how UCP 600 treats the role of the nominated bank. A recent question raised by ICC-certified expert Domenico Del Sorbo highlights this exact nuance: Why doesn’t UCP 600 impose an obligation on a nominated bank—not acting on its …

In today’s question, we dive into one of those subtle yet surprisingly common document issues — when an insurance certificate contains both a typed clause and pre-printed text about where claims are payable… and they don’t quite say the same thing. Our reader Rohini brings up a case where the LC requires claims to be payable in China, and the …

In the world of letters of credit, not every favour is straightforward — especially when the clock has run out. One reader recently wrote in with a dilemma that many banks have quietly faced: Should we “help” a customer by withholding a discrepancy, even when the presentation is clearly late? It’s a question of both procedure and principle. Let’s take …

Our friend TF recently shared an interesting case involving an Iraqi bank, a Jordanian issuing bank, and a confirming bank in the USA. The question raised: What happens if the applicant bank finds valid discrepancies after the confirming bank has already been reimbursed? Here’s how I answered — right after a strong espresso and a quick ride on my trade …

Today, Facebook reminded me of a fascinating discussion that took place 16 years ago — on 27 June 2009 — on the now-defunct DCPro forum. It revolved around a rather rare scenario: a letter of credit confirmed by two separate confirming banks. The original question came from Khalid (UAE), and the conversation included insightful responses from renowned trade finance experts …