Banks' involvement in world affairs

In this hi-tech world of our life and quickly became sophisticated. There is rhythm in every aspect of our lives. Wherever we go, whatever we see has become much more advanced than it was before. Significantly advanced the business world, it became much faster, but easier than before. And much of this success goes to the bank. They contributed greatly in this respect. cash transaction is an important part of any business and the technologies and policies used by banks that have made it easier and faster. Previously, business people used to adopt certain modes of money transfers and for all, which were slow and unreliable. There were huge chance of losing money or transaction later. But banks' interference changed everything. Policies and systems used by banks in transactions where money not only hastened the process, but they provide insurance for business people that they will not lose money.The banks use certain policy documents as proof of funds and letters of credit trans
actions that SBLC or DLC money. These documents have helped business a lot in their work. Proof of funds document is used during import-export business, where banks act as a guarantor between two trading partners. Banks guarantee both sides that their total transaction will be successful. Proof of funds or a letter of POF is usually supplied by the bank on behalf of the importer, says that the importer has sufficient balance in his account to pay the importer. When dealing, bank intervenes on behalf of both sides, they check if the exporter is providing good and if the importer is paying correctly or not. This step taken by banks decreased the chances of fraud. There is almost no chance of any trading duplicity. In the course of money banks use certain forms such as MT760 and MT799, which are codes used between banks in the bank. These codes are only simple text messages delivered from one bank to another. These codes represents no proof or guarantee of any deposit of money,
but they serve only as interfering messages transactions.The money transaction where money banks have not only helped business, but decreased also the chance of any kind of business fraud. Stakeholders on insurance transactions to achieve a safe transaction. These measures taken by the banks accelerated also largely transactions. Today, most business people and ordinary people to help take the banks for any transactions to offer their money safely and quickly. These measures taken by banks gave a lot in developing the business world. Such an improvement would have been impossible if banks had not taken such excellent and efficient.