국제무역거래상 채권위험의 회피방안에 관한 연구

Avoidance Measures of Receivables Risk under International Trade Transactions

The purpose of this study aims to analyze avoidance measures of receivables risk under international trade transactions. Trade-related financial services have developed and expanded in depth, complexity and effectiveness to support the expansion of world trade. Letters of credit are the most comparable instrument in the market to BPOs(Bank Payment Obligation); in both cases payment is guaranteed by the buyer s bank as long as certain documentary conditions are met. However the industry is keen on positioning BPO as a separate instrument, rather than as a electronic L/C. In any case, there are some important differences between the two. For one thing, while both BPOs and L/C are conditional payment instruments, in case of the BPO, the trigger to payment is a presentation of XML data, rather than paper-based documentation such as an invoice and bill of lading. The BPO, therefore, provides some of the features of a L/C, but behaves quite differently s data is matched-thereby avoiding some of the disadvantages associated with the more paper-intensive L/C. The BPO may be used as a L/C substitute, but is designed to be an alternative to other open account risk mitigation and financing tools such as export credit insurance and international factoring.