Supplier-initiated drafts, which are prepared by the supplier, are sometimes called bills of exchange. The supplier specifies the due date, whether the draft is to be discounted, and the remittance procedure (paper, EFT, or Electronic Data Interchange (EDI)). Typically, the supplier's bank submits the draft to the customer's bank for processing.
Created by: Sandra Morini
Modified on: Wed, 13 Dec, 2017 at 11:18 AM
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