Irrevocable Reimbursement Undertaking

Irrevocable Reimbursement Undertaking: A bank’s commitment to reimburse another bank, which cannot be revoked.

Banks: Bank of America, JPMorgan Chase, Citibank, Wells Fargo, HSBC

Processes: Payment settlements, confirmation messages, transaction reporting, dispute resolution, regulatory compliance

Examples: Cross-border trade payments, syndicated loans, letters of credit