Free Online Course in International Business

Knowledge Statement

Knowledge of Communication of Letters of Credit, Collections, and Associated Documents Electronically via the Internet (eUCP, SWIFT)

Goal

This material will introduce you to the methods by which buyers and sellers can communicate and exchange documents required by appropriate methods of payment as they relate to receipt of timely payment of goods and/or services in an international business transaction.

Learning Objectives

You will be able to

• identify the electronic methods of communicating and exchange of documents required for the international transaction.
• identify the risks and characteristics of each method of communication.

Introduction

Having agreed to use a letter of credit for payment in an international transaction, an international manager needs to understand how to use electronic communications for transmission of the letter of credit itself as well as the associated documentation. In addition it is essential to understand the guidelines that have been established for electronic communications and any affect this may have on smooth flow of documentation and payment. Communication and Technology As technology continues to play an ever larger role in every business transaction, an international manager must learn its applications and uses in international business in order to maintain a competitive edge. One of the first uses of technology for business has been communication first by telex, then fax, and now the internet. These developments have allowed companies to communicate details of sales agreements, including methods of payment and shipping dates as well as transmission of banking and shipping documents. These capabilities have led to the development of guidelines by which communication and transmission are acceptable and verifiable.

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