Guaranteed negotiation system and method

1. A computer-implemented method for facilitating the negotiation of a letter of credit, the method comprising:

receiving, at a nominated bank computer associated with said nominated bank, a document presented under a letter of credit for at least one of payment, acceptance, or negotiation, wherein said letter of credit is issued by an issuing bank computer associated with an issuing bank, in favor of a beneficiary and wherein said beneficiary is advised of said letter of credit by said nominated bank computer associated with said nominated bank;

wherein said nominated bank and said issuing bank have agreed to program conditions pursuant to which said nominated bank, in response to examination of said document by said nominated bank and before said document is forwarded to, received, and accepted by said issuing bank, at least one of pays, accepts or negotiates said credit with limited recourse to said issuing bank for discrepancies in said document; and

examining said document, by said nominated bank, for conformity to stipulated documents specified in said letter of credit and conformity to said program conditions; and,

in response to said document being in conformity with said stipulated documents and said program conditions, at least one of paying, accepting, or negotiating said letter of credit, by said nominated bank computer; with limited recourse to said issuing bank for discrepancies in said document.

2. The method of claim 1 , wherein said letter of credit is restricted for negotiation to an office maintained by said nominated bank.

3. The method of claim 1 , wherein said letter of credit is not restricted for negotiation to an office maintained by said nominated bank, and wherein said nominated bank is designated as a reimbursing bank, and wherein said document is received at an intermediary bank computer associated with said intermediary bank and forwarded, by said intermediary bank computer to said nominated bank, for at least one of examination, payment, acceptance, or negotiation.

4. The method of claim 1 , wherein said nominating bank confirms said letter of credit.

5. The method of claim 1 , wherein, in response to discrepancies existing in said document, requesting a waiver of said discrepancies from said issuing bank as provided in said program conditions.

6. The method of claim 5 , wherein, in response to said waiver being obtained, said nominated bank at least one of paying, accepting, or negotiating said letter of credit with limited recourse to said issuing bank for other discrepancies in said document.

7. The method of claim 5 , wherein, in response to said waiver not being obtained, said nominated bank disposing of said document as provided in said program conditions without at least one of payment, acceptance, or negotiation.

8. A computer program product for facilitating the negotiation of a letter of credit, said computer program product comprising:

computer readable program code means embodied in said medium for receiving, at a nominated bank computer associated with said nominated bank, a document presented under a letter of credit for at least one of payment, acceptance, or negotiation, wherein said letter of credit is issued by an issuing bank computer associated with an issuing bank, in favor of a beneficiary and wherein said beneficiary is advised of said letter of credit by said nominated bank computer associated with said nominated bank;

wherein said nominated bank and said issuing bank have agreed to program conditions pursuant to which said nominated bank, in response to examination of said document by said nominated bank and before said document is forwarded to, received, and accepted by said issuing bank, at least one of pays, accepts or negotiates said credit with limited recourse to said issuing bank for discrepancies in said document; and

computer readable program code means embodied in said medium for examining said document, by said nominated bank, for conformity to stipulated documents specified in said letter of credit and conformity to said program conditions; and,

in response to said document being in conformity with said stipulated documents and said program conditions, computer readable program code means embodied in said medium for at least one of paying, accepting, or negotiating said letter of credit, by said nominated bank computer, with limited recourse to said issuing bank for discrepancies in said document.

9. A computer-implemented method for facilitating the negotiation of a letter of credit by an issuing bank, the method comprising:

issuing a letter of credit, by an issuing bank computer associated with an issuing bank, in favor of a beneficiary, wherein said letter of credit is advised to said beneficiary by a nominated bank computer associated with a nominated bank, and a document is presented under said letter of credit for at least one of payment, acceptance, or negotiation at said nominated bank computer associated with a nominated bank; and

agreeing to program conditions, by said issuing bank with said nominated bank, wherein said nominated bank, in response to said nominated bank examination of said document and before said document is forwarded to, received, or accepted by said issuing bank, at least one of pays, accepts or negotiates said letter of credit with limited recourse to said issuing bank for discrepancies in said document, wherein said document is examined by said nominated bank computer for conformity to stipulated documents specified in said letter of credit;

wherein, in response to said document being determined to be in conformity with said stipulated documents and said program conditions, said letter of credit being at least one of paid, accepted, or negotiated by said nominated bank with limited recourse to said issuing bank for discrepancies in said document.

10. The method of claim 9 , wherein said letter of credit is restricted for negotiation to an office maintained by said nominated bank.

11. The method of claim 9 , wherein said letter of credit is not restricted for negotiation to an office maintained by said nominated bank, and wherein said nominated bank is designated as a reimbursing bank, and wherein said document is received at an intermediary bank computer associated with said intermediary bank and forwarded, by said intermediary bank computer to said nominated bank, for at least one of examination, payment, acceptance, or negotiation.

12. The method of claim 9 , wherein said nominating bank confirms said letter of credit.

13. The method of claim 9 , wherein, in response to discrepancies existing in said document, said nominated bank requests a waiver of said discrepancies from said issuing bank as provided in said program conditions.

14. The method of claim 13 , wherein, in response to said waiver being obtained, said nominated bank at least one of pays, accepts, or negotiates said letter of credit with limited recourse to said issuing bank for other discrepancies in said document.

15. The method of claim 13 , wherein, in response to said waiver not being obtained, said nominated bank disposes of said document as provided in said program conditions without at least one of payment, acceptance, or negotiation.