Jo Ann An Irrevocable Letter of Credit (ILOC) is a letter of credit that cannot be changed or canceled by the issuing bank without the approval of all parties involved. Once an ILOC is issued, the issuing bank is obligated to pay the beneficiary the specified amount of money, as long as the beneficiary meets the conditions … Read more
An institutional deposits corporation (IDC) is a type of money market account that is offered by some banks and financial institutions. This account is typically only available to large organizations, such as businesses, corporations, and other institutions. The main benefit of an IDC account is that it offers a higher interest rate than a regular … Read more
A reference number is a unique number assigned to a transaction that can be used to track and verify the transaction. Reference numbers are typically assigned by the merchant or issuer and are printed on the receipt or statement. What do you put in payment reference? There are a few things that you can put … Read more
