Forfaiting Glossary

Glossary Items beginning with : I


Cannot be cancelled.


The International Securities and Markets Association. Recognised globally as the self-regulatory organisation and trade association for the international capital market.


The International Standby Practices, a set of rules specific for Standby Letters of Credit with Version No. 98 implemented on 01st January 1999.

Issuing Bank

The bank or entity that opens a letter of credit at the request of an applicant/importer, or on its own name.


Originally known as the IFA, formed in 1999, the ITFA is the worldwide trade association for commercial companies, financial institutions and intermediaries engaged in trade and forfaiting.