forfaiting

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forfaiting

(ˈfɔːˌfeɪtɪŋ)
n
(Banking & Finance) the financial service of discounting, without recourse, a promissory note, bill of exchange, letter of credit, etc, received from an overseas buyer by an exporter; a form of debt discounting
[C20: from French forfaire to forfeit or surrender]
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References in periodicals archive ?
Is it because forfaiters like the democratic stance of President Kim Dae Jung more than the continuous battles around Prime Minister Bulent Ecevit, or do they look more at economic fundamentals?
This vacuum leaves the door open for indigenous banks to fill the gap and encourage their clients wishing to import goods into Africa to push would-be exporters into the arms of forfaiters.
When the exporter is known to the forfaiter, a transaction can even close in a day.
The primary market consists of forfaiters who deal directly with exporters.
Primary market forfaiters generally sell the paper to institutional and retail investors; 95 percent of the paper is sold to banks and pension funds.