Patent ID: 7475037

Claim:
A computer-implemented method for facilitating the negotiation of a letter of credit, the method comprising: issuing a letter of credit, by an issuing bank computer associated with an issuing bank, in favor of a beneficiary upon application by an applicant; advising said beneficiary of said letter of credit by a nominated bank computer associated with said nominated bank; receiving, at said nominated bank computer associated with said nominated bank, at least one document presented under said letter of credit for at least one of payment, acceptance, and negotiation, where said nominated bank and said issuing bank have agreed to program conditions pursuant to which said nominated bank, based upon examination of said document by said nominated bank and before said document is forwarded to, received, and accepted by said issuing bank, at least one of pays, accepts and negotiates said credit with limited recourse to said issuing bank for discrepancies in said document; and examining said document, by said nominated bank, for conformity to stipulated documents specified in said letter of credit; and where said document is determined to be in conformity with said stipulated documents, and where provided in said program conditions, said nominated bank at least one of paying, accepting, and negotiating said letter of credit with limited recourse to said issuing bank for discrepancies in said document.