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174
On Monday morning the participants resumed their work and listened to the lecture on payments in
international trade.
Here is a part of the lecture:
With any form of international trade it is essential to ensure that payment will be received in accordance
with the terms of the underlying commercial contract. The most secure and established methods of settling
international trade transactions are:
• by documentary letters of credit and
• by documentary collection bills.
Documentary letters of credit are opened by the importer's bank with a bank in the exporter's country,
usually the importing bank's correspondent in the exporting country. Exporters submit to the bank in their
country all the shipping, insurance and other documents specified in the letter of credit issued by the
importer's bank. If the documents are in order the bank in the exporting country will credit the exporters with
the proceeds. The proceeds are reimbursed-by the importer's bank in due course.
Documentary collection bills are presented to the importer's bank or its correspondent by the exporters
together with all the shipping, insurance and other documents, specified in the contract. If the documents are
in order the importers instruct their bank to pay and they collect the shipping documents then.
There are a few ways of transferring money from bank to bank. In the recent past these ways were:
• mail transfers and
• telegraphic transfers.
Now these two types of messages are practically replaced by SWIFT messages. SWIFT stands for the
Society for Worldwide Interbank Financial Telecommunication. It is a network serving now more than 3,000
banks in about 100 countries. It speeds up payment messages between banks immensely. If sending and
receiving banks are both 'logged-in', a message can be delivered in under 20 seconds. Over 1 million
messages are sent every day via the computers of SWIFT and its member banks.
The role of correspondent banks is permanently growing. They facilitate and expedite international
payments. A correspondent bank is one which carries a deposit balance for another bank located in another
city or country and engages in an exchange of services with that bank.
Words and expressions
essential
[
'sen
]
важный, значительный
it is essential to do
something
необходимо/важно сделать ...
to ensure
обеспечить
in accordance with ...
в соответствии с ...
underlying
лежащий в основе
secure
надежный
established
широко используемый,
утвердившийся
method
способ, метод
to settle
оплатить
documentary
документарный, с при
ложением отгрузочных
документов
collection bill
инкассовое поручение: бан-
ковский документ — инст-
рукция получить платеж в
краткий установленный срок
или в пределах данного срока
получить обоснованный отказ
плательщика от платежа
to submit
представлять, передавать
to issue
['
sj
]
выпускать, открывать
to credit somebody with
something
кредитовать кого-либо чего-
либо
exporter
экспортер
proceeds
средства, выручка