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InternationalSettlement Chapter1IntroductiontoInternationalSettlement Internationalpolitical economicandculturalexchangeinevitablyleadstocreditsanddebtsowedbyonecountrytoanother Theinternationalsettlementinvolvesbothtangibleandintangibletrades foreigninvestments fundsborrowedfromorlenttoothercountriesandsoforth Tobemorespecific internationalpaymentsandsettlementscanalsobenecessaryfinancialactivitiesrenderedfromcommercialpayments paymentsfortheservicesrendered paymentsbetweengovernments andthetransferoffundsamongcountries 1 1Definition Internationalpaymentsandsettlementsarefinancialactivitiesconductedamongdifferentcountriesinwhicheitherpaymentsareeffectedorfundsaretransferredfromonecountrytoanotherforthepurposeofsettlingaccounts debts claims etc 1 2TypesofInternationalSettlement Usuallyinternationalsettlementisdividedintothreebroadcategories remittance collectionandletterofcredit Negotiableinstruments however waysofinternationalsettlementanddocumentsusedintheinternationalsettlementsometimesconstitutetheframeworkofinternationalsettlement 1 3HistoryandDevelopmentofInternationalSettlement Tracingbackthehistoryofinternationalsettlement themediumofexchangeoriginatedfromcoins Lateron commercialdraftsandothercreditinstrumentsemergedandbecamepopulartomeettheneedsoftheconstantlyincreasingbusinessactivitiesinbothgeographicalregionsandvolumeoftheinternationaltrade Dependingonthecreditabilityoffinancialinstitutions bothbuyersandsellersareusuallywillingtocompletetheirsettlementthroughbanksrespectively andafinancialarrangementcouldbereachedthen Therefore manybankshavefocusedontheirbusinessofinternationalsettlementandtradefinance Mostoftheinternationalpaymentsoriginatefromtransactionsintheworldtrade Withtheenormousamountofinternationaltradeactivities thevolumeoftheinternationalsettlementhasreachedtrillionsofUSdollarsnowadays Banks asaresult arefocusingmoreandmoreonthedevelopmentofthebusinessbecauseitisamajorresourceofprofit 1 4InternationalCustomsandPractices TheInternationalChamberofCommerceistheworldbusinessorganization Itistheonlyrepresentativebodythatspeakswithauthorityonbehalfofenterprisesfromallservicesineverypartoftheworld 1 InternationalPracticesconcerningBills BillofExchangeAct 1882 JevaUniformBillAct 2 InternationalPracticesconcerningSettlement UniformRulesforCollection ICCPublicationNo 522 UniformCustomsandPracticeforCommercialDocumentaryCredits 1993Revision ICCPublicationNo 500 3 InternationalPracticesconcerningDocuments HagueRules HamburgRules InternationalConventionConcerningtheTransportofGoodsbyRail AgreementonInternationalRail RoadthroughTransportofGoods UniformRulesforaCombinedTransportDocuments InstituteCargoClauses ICC InternationalRulesforInterpretationofTradeTerms Incoterms2000andUNCITRALArbitrationRule 1 5USDollarClearingSystemsandBankingNetwork 1 5 1GeneralIntroductionSincethe1950s theUSdollar USD hasbeentheprimarycurrencyforthesettlementofinternationalpayments ItisthereforeimportantformoderndaybankerstounderstandtheUSdollarclearingenvironmentanditslatestdevelopments USDpaymentsystemsarethemeansbywhichthepaymentsareprocessedandsettledamongbanks 1 5 2USDollarFundsTransferPaymentMethods 1 CHIPS TheClearingHouseInterbankPaymentSystemisacomputerized interbankfundstransferpaymentsystemoperatedbytheNewYorkClearingHouseAssociation NYCHA CHIPSisusedprimarilyforhigh value internationalpayments oftenforfurthercredittotheparticipants customersandbranches 2 FEDWIRE FEDWIREisanelectronicpaymentsystemoperatedbytheUSFederalReserve ItisusedtomakeUSdollarpaymentstobanksandtheircustomersthroughouttheUnitedStates 3 BookTransfer BookTransferisapaymentmadebetweenpartiesthatmaintainaccountsatthesamebank 4 Check IncaseswhenoneisunabletolocateaUSbankwithwhichaUSbeneficiaryhasanaccountrelationship hemayinstructthebanktopaybycheck 5 ACH AutomatedClearingHouse wascreatedinearly1970sinanattempttoofferanalternativetocontinuedcheckvolumegrowth Table1 1ComparisonbetweenFEDWIREandCHIPS Table1 1ComparisonbetweenFEDWIREandCHIPS 1 5 3BankingNetwork 1 SenseofcorrespondentInternationalbankingiseffectedthroughthecooperationofcommercialbanksallovertheworld Inasense banksthemselvesarethebestcustomersforeachother Theiractivitiesassisteachotherandtherebyassisteachother scustomers Thiscooperationcomesfromtheestablishmentofcorrespondentrelationshipbetweenbanks 2 AccountsWellknownbankswithfirst classservices strongfundingresources highqualityoftelecommunicationequipmentsaretheprioritytobeconsideredwh
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