BILLS PURCHASED Definition

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BILLS PURCHASED, in trade finance, allows a seller to obtain financing and receive immediate funds in exchange for a sales document not drawn under a letter of credit. The bank will send the sales documents to the buyers bank on behalf of the seller.

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APPLICATION CONTROL is the programmed procedure in application software designed to ensure completeness and accuracy of information.

SIGN-OFF is approval or agreement, e.g. to sign-off on a purchase contract.

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