What is banker's acceptance in SAP SD-FT - Foreign Trade?

SAP Term: banker's acceptance

• Component: SD-FT

• Component Name: Foreign Trade

• Description: An agreement on the part of an importer's bank to take on the responsibility of paying against a draft. A banker's acceptance substitutes the importer's responsibility.

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• Key Concepts: 
  Banker's acceptance is a type of payment instrument used in international trade. It is a short-term credit instrument issued by a bank on behalf of a customer, guaranteeing payment of a certain amount at a specified date. It is commonly used in foreign trade transactions, where it serves as an alternative to letters of credit. 
  
  How to use it: 
  In SAP SD-FT Foreign Trade, Banker's Acceptance can be used to facilitate payments between buyers and sellers. The buyer can issue a Banker's Acceptance to the seller, which the seller can then present to their bank for payment. The bank will then pay the seller the amount specified in the Banker's Acceptance. 
  
  Tips & Tricks: 
  When using Banker's Acceptance in SAP SD-FT Foreign Trade, it is important to ensure that all parties involved are aware of the terms and conditions of the instrument. This includes the amount, date of payment, and any other relevant details. Additionally, it is important to ensure that all parties involved are aware of any applicable fees or charges associated with the Banker's Acceptance. 
  
  Related Information: 
  For more information on Banker's Acceptance and its use in SAP SD-FT Foreign Trade, please refer to the SAP Help Portal or contact your local SAP representative. Additionally, there are several online resources available that provide more detailed information on Banker's Acceptance and its use in international trade.