The Pay Off by Gottfried Leibbrandt

Author:Gottfried Leibbrandt [Leibbrandt, Gottfried]
Language: eng
Format: epub
ISBN: 9781783966073
Publisher: Elliott & Thompson

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1 This includes domestic correspondent banking, which makes up a third of the total. It covers the domestic legs of international transactions, as well as pure domestic correspondent banking, whereby banks in the same countries use the Swift system to settle through accounts they maintain with each other.

2 The term teletype is helpfully descriptive: a telex is like a typewriter operated remotely over a telegraph line. On the sending side of the telegraph wire, a typist entered characters on a keyboard; on the receiving side, a machine printed the characters on a paper ribbon that could be read by (some) humans.

3 BIC used to stand for Bank Identifier Code. Since non-banks can now also join the network, the name has changed to Business Identifier Code. Just to confuse things, the BIC may sometimes also be referred to as the ‘telex code’.

4 The maximum amount of money TransferWise allows you to send depends on the currency: $1 million for US dollars, $1.2 million for euros but only $10,000 for Indian rupees.

5 A unicorn is a term that denotes a privately held start-up valued at over $1 billion. The term was apparently coined in 2013 by venture capitalist Aileen Lee, who chose the mythical animal to represent the statistical rarity of such successful ventures.

6 The dominant companies in the US information technology industries: Amazon, Apple, Google, Facebook and Microsoft.

7 ‘Although letters of credit can be useful, it’s often best to avoid using one for a transaction. They can sometimes result in expensive delays, bureaucracy and unexpected costs. As a general rule you should probably only consider opening a letter of credit as an importer if your supplier insists on it or if national exchange controls require it.’ (HM Revenue & Customs, August 2012).

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