Forfaiting Glossary

Glossary Items beginning with : I

Irrevocable

Cannot be cancelled.

ISMA

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

ISP

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.

ITFA

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.