A Novel Payment Method in International Trading: Bank Payment Obligation (BPO)

Ay?egül O?uz ()
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Ay?egül O?uz: SELÇUK UNIVERCITY (TURKEY)

No 3105393, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: As in all other sectors, there are also a number of risks to be encountered in foreign trade. Firms are to choose reliable financial techniques in order to prevent such risks and to guarantee the cost of their goods. While the firms importing goods wish the goods to be delivered within the period that has been defined in the contract, others exporting goods also want to receive the rate of the goods and/or services sold in a secure way and on time. At this point, economic power of the countries to and from which goods are imported /exported, their geopolitical position, political stability in those countries and defining the payment methods used in foreign trade play an important role.In our study, after looking through different payment methods used in international trading, it was aimed at giving detailed and comparative information about Bank payment Obligation that is a new and bank-security payment method to ease exporters? expanding on international trade under the leadership of Interbank Financial Telecommunication (SWIFT), a system providing electronic fund transfer among the banks all around the world.

Keywords: Export; Import; Swift; Bank Order Liability; Foreign Trade; Risk; Payment Methods (search for similar items in EconPapers)
Pages: 10 pages
Date: 2015-11
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Published in Proceedings of the Proceedings of the 20th International Academic Conference, Madrid, Nov 2015, pages 319-328

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