Patent ID: 7778921

Claim:
A computer-implemented method for facilitating the negotiation of a letter of credit, the method comprising: receiving, at a nominated bank computer associated with said nominated bank, a document presented under a letter of credit for at least one of payment, acceptance, or negotiation, wherein said letter of credit is issued by an issuing bank computer associated with an issuing bank, in favor of a beneficiary and wherein said beneficiary is advised of said letter of credit by said nominated bank computer associated with said nominated bank; wherein said nominated bank and said issuing bank have agreed to program conditions pursuant to which said nominated bank, in response to 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 or 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 conformity to said program conditions; and, in response to said document being in conformity with said stipulated documents and said program conditions, at least one of paying, accepting, or negotiating said letter of credit, by said nominated bank computer; with limited recourse to said issuing bank for discrepancies in said document.