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Confirming Bank
A Confirming Bank guarantees payment on behalf of the issuing bank in a letter of credit transaction, ensuring the beneficiary receives payment if the issuing bank defaults.
Entities: Issuing Bank, Beneficiary
The Confirming Bank assumes the payment obligation, providing security in international trade.
Examples: Letters of Credit, Trade Transactions
Classification: International Trade Financial Institutions
The Confirming Bank adds its guarantee, reducing the beneficiary’s risk.