Accepting House:
Noun: A financial institution, typically a bank, that specializes in accepting and guaranteeing bills of exchange and other negotiable instruments on behalf of its clients. An accepting house acts as an intermediary between the issuer of the instrument and the holder, providing a guarantee of payment upon maturity. These institutions play a crucial role in facilitating international trade and commerce by providing a secure and reliable mechanism for the transfer of funds and the settlement of financial obligations. Accepting houses often have a strong reputation and are trusted by businesses and individuals for their expertise in handling financial transactions.
Accepting House refers to a financial institution that accepts and guarantees bills of exchange or promissory notes on behalf of its customers. The Accepting House acts as a third-party intermediary, providing a creditworthy guarantee to the holder of the bill or note. By accepting the instrument, the Accepting House assumes the responsibility for payment upon maturity. This acceptance is typically denoted by the Accepting House’s signature on the instrument. Accepting Houses play a crucial role in facilitating trade and commerce by providing a level of assurance to parties involved in financial transactions.
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This glossary post was last updated: 29th March 2024.
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