Did you know that you may need up to for banks to complete an international trade through trade financing?
1. An issuing bank-to write a letter of credit (Importers bank)
2. An advising bank to notify the seller of the payment guarantee (Exporters bank)
3. A nominated bank-to pay the advising bank on behalf of the issuing bank
4. A confirming bank-to authenticate documents on behalf of the issuing bank and advising bank
We should use the blockchain/smart contracts to make international trade more efficient and less bureaucratic.