Letter of Credit Confirmation market’ Report @
A letter of credit is a financial tool, which guarantees the buyer’s payment to the sellers during the trade. It is used in both domestic and international trades market in order to facilitate secured payment terms and transactions globally. In addition, a bank or a financial institution acts as a third-party between the buyer & the seller, which issues a letter of credit and guarantees the payment of funds on the completion of certain commitments, mentioned in the trade documents. Furthermore, for confirmation of letter of credit transaction usually involves two banks namely, the buyer’s bank which is an issuing bank and the seller’s bank which is a confirming bank. The payments are guaranteed by the issuing bank that further issues a letter of credit on behalf of the importer. Moreover, the confirming bank adds its confirmation to the letter of credit, assuming that the terms & condition for existing trade are fulfilled
Letter of Credit Confirmation Market Size is Projected to Reach USD 4.99 Billion by 2027 at CAGR 3.18% | Valuates Reports
Letter of Credit Confirmation Market is Segmented by
L/C Type (Sight L/Cs and Usance L/Cs), and
End User (Small Enterprises, Medium-sized Enterprises, and Large Enterprises):
Global Opportunity Analysis and Industry Forecast, 2021-2027. This report is published on
Valuates Reports in the
Finance & Banking Category.
The global letter of credit confirmation market size was valued at USD 4.30 Billion in 2019 and is projected to reach USD 4.99 Billion by 2027, growing at a CAGR of 3.18% from 2020 to 2027.
Major factors driving the growth of Letter of Credit Confirmation Market size are the rise in demand for customized trade finance solutions and regulatory support in the growth of strict regulations for a secured letter of credit confirmation services.