{"id":11372,"date":"2022-02-20T10:41:33","date_gmt":"2022-02-20T09:41:33","guid":{"rendered":"https:\/\/aedic.eu\/?page_id=11372"},"modified":"2022-02-20T18:05:25","modified_gmt":"2022-02-20T17:05:25","slug":"gestione-del-rischio-di-credito-e-le-modalita-di-pagamento-internazionale","status":"publish","type":"page","link":"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/","title":{"rendered":"Credit risk management and international payment methods"},"content":{"rendered":"<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gli_strumenti_di_pagamento_internazionali\"><\/span>International payment instruments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>An international means of payment\/collection is the instrument that regulates relations between parties residing in different countries, a difference that entails considerable differences compared to payments made in a domestic market not only with respect to the greater risks involved in foreign transactions, but also with respect to the functioning of the specific means in the individual countries' legal systems.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Gli_strumenti_di_pagamento_internazionali\" >International payment instruments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#_Il_momento_del_pagamento\" >&nbsp;The moment of payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#_Il_momento_del_pagamento-2\" >&nbsp;The moment of payment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Il_modo\" >The way<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Gli_strumenti_di_pagamento\" >Payment Instruments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Il_bonifico_bancario_internazionale\" >The international bank transfer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Gli_incassi_elettronici\" >Electronic collections<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#La_disciplina_dei_titoli_di_credito_nelle_transazioni_internazionali\" >The regulation of securities in international transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#La_disciplina_dei_titoli_di_credito_nel_diritto_internazionale_privato_italiano\" >The Regulation of Debt Securities in Italian Private International Law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Lassegno_bancario\" >The bank cheque<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#La_disciplina_dellassegno_in_USA\" >The discipline of the cheque in the US<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#I_titoli_cambiari\" >Bills of exchange<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Dal_punto_di_vista_giuridico_la_cambiale_e_un_titolo_di_credito_universalmente_riconosciuto_e_anche_se_privo_di_esecutivita_in_tutti_i_Paesi_costituisce_comunque_una_prova_del_mancato_pagamento\" >From a legal point of view, the bill of exchange is a universally recognised debt instrument and, even if not enforceable in all countries, still constitutes proof of non-payment.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#Il_Pagare_formato_assegno\" >The cheque-sized Pagar\u00e9<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>The operator, before defining which payment terms to apply, should carry out an analysis in the light of the multiple&nbsp;<a href=\"https:\/\/www.sacesimest.it\/mappe#\/mappe\/home\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">risk factors<\/a>as well as the needs of the other party.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Il_momento_del_pagamento\"><\/span>&nbsp;The moment of payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Advance, deferred, contextual payment<\/strong><\/p>\n\n\n\n<p>Establishing the time at which payment (together with the terms of return of the goods) must take place means the bearing or not of the risks of the transaction.<\/p>\n\n\n\n<p>Payment, with respect to performance, may be in advance, in arrears or concurrent. The hypothesis of&nbsp;<strong>prepayment<\/strong>&nbsp;appears to be the ideal payment terms that any seller\/exporter would like to practise, even if it is not the most remunerative. Indeed, the buyer, aware of the fact that the risk is borne entirely by him, might demand strong discount terms, or require the seller to provide a bank guarantee, which entails a financial burden on the part of the seller.&nbsp;<\/p>\n\n\n\n<p>Instead, practising the&nbsp;<strong>deferred payment&nbsp;<\/strong>the situation is completely opposite to the previous hypothesis, in which case the risks are borne entirely by the seller (the non-payment or delayed payment). It will be the latter who will have to take action in order to try to recover the debt, an operation that is not always easy and that may require considerable financial outlays to the point of considering, in some cases, the hypothesis of waiving the recovery itself.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"_Il_momento_del_pagamento-2\"><\/span>&nbsp;The moment of payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><strong>Advance, deferred, contextual payment<\/strong><\/p>\n\n\n\n<p>Establishing the time at which payment (together with the terms of return of the goods) must take place means the bearing or not of the risks of the transaction.<\/p>\n\n\n\n<p>Payment, with respect to performance, may be in advance, in arrears or concurrent. The hypothesis of&nbsp;<strong>prepayment<\/strong>&nbsp;appears to be the ideal payment terms that any seller\/exporter would like to practise, even if it is not the most remunerative. Indeed, the buyer, aware of the fact that the risk is borne entirely by him, might demand strong discount terms, or require the seller to provide a bank guarantee, which entails a financial burden on the part of the seller.&nbsp;<\/p>\n\n\n\n<p>Instead, practising the&nbsp;<strong>deferred payment&nbsp;<\/strong>the situation is completely opposite to the previous hypothesis, in which case the risks are borne entirely by the seller (the non-payment or delayed payment). It will be the latter who will have to take action in order to try to recover the debt, an operation that is not always easy and that may require considerable financial outlays to the point of considering, in some cases, the hypothesis of waiving the recovery itself.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Il_modo\"><\/span>The way<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As regards the way in which the transfer takes place, almost all transactions now take place via&nbsp;<strong><a href=\"https:\/\/www.swift.com\/standards\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">SWIFT<\/a><\/strong>a computerised system of communication between banks using a&nbsp;<strong>uniform code<\/strong>&nbsp;so that definitions can be standardised, and which allows numerous operations to be carried out, from transferring money to issuing a documentary credit and, at the same time, provides greater speed and security to transactions.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gli_strumenti_di_pagamento\"><\/span>Payment Instruments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Numerous tools are available to operators <a href=\"https:\/\/aedic.eu\/en\/contracts-used-international-commerce\/\">of international trade<\/a> to settle payment terms, instruments that often have very different characteristics.&nbsp;<\/p>\n\n\n\n<p>In order we will therefore have the following collection and payment instruments:<\/p>\n\n\n\n<ul><li>bank transfer;<\/li><li>electronic receipts;<\/li><li>the bank cheque;<\/li><li>the bill of exchange or promissory note;<\/li><li>the documentary takings;<\/li><li>documentary credit.<\/li><\/ul>\n\n\n\n<p>The use of one instrument rather than another depends on the&nbsp;<strong>evaluation<\/strong>&nbsp;carried out by factors such as the risks, the degree of knowledge and solvency of the counterparty, the type of agreement, the contractual strength, the product sector to which it belongs, the amount of the supply, and the norms and customs present in the reference market.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Il_bonifico_bancario_internazionale\"><\/span>The international bank transfer<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A bank transfer consists of a transfer of funds from a person's account (<strong>orderer<\/strong>) to the account of another party (<strong>beneficiary<\/strong>) at a foreign bank, and is a widely used means of payment in international transactions due to its low cost and relative ease of use. As far as costs are concerned, it is always advisable to establish with the counterparty who is to bear the costs of the transfer or the criteria for allocation.<\/p>\n\n\n\n<p>It should be remembered, however, that the&nbsp;<strong>simple transfer<\/strong>i.e. not backed by any kind of guarantee in favour of the addressee, does not constitute a safe medium as it is left to the&nbsp;<strong>discretion of the originator<\/strong>.<br>Notwithstanding the foregoing regarding advance and\/or deferred payment, it should be borne in mind that it can often happen that the purchaser informs the beneficiary that he has made the transfer (e.g. by faxing a copy of the transfer note) and then asks for the goods ordered to be sent. In such cases, it is advisable to request the&nbsp;<strong>identification code<\/strong>&nbsp;of the transfer and check with your bank that the transaction has actually taken place and whether the time limit for revoking the transfer has expired.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gli_incassi_elettronici\"><\/span>Electronic collections<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Thanks to the ever-increasing use of computer systems, certain forms of electronic collections have developed and then spread, which allow for such speed and security that they are becoming increasingly popular among operators <a href=\"https:\/\/aedic.eu\/en\/document-typical-international-trade-c-c-c-credits\/\">of international trade<\/a>very attractive in the context of transactions involving countries where the risk of non-collection is not affected by country risk, for example.<\/p>\n\n\n\n<p>Also referred to as&nbsp;<em><a href=\"https:\/\/www.lawinsider.com\/dictionary\/debit-transfer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Debit Transfer<\/a><\/em>They are arranged by the creditor on the basis of a prior authorisation by the debtor and provide for \"subject to collection\".<\/p>\n\n\n\n<p>Although they are not a means of payment that can guarantee the certainty of collection, they are an excellent substitute for credit transfers as they are tied to a date and visible in the event of default.<\/p>\n\n\n\n<p>Individual instruments vary from country to country with different characteristics and the most common ones in the EU are outlined below.<\/p>\n\n\n\n<p>La<strong>&nbsp;LCR<\/strong>&nbsp;(<em>Lettre de change relev\u00e9<\/em>), in use in France, is an instrument similar to the bank receipts (Ri.Ba.) in use in Italy. In practice, it allows the dematerialisation of bills of exchange and receipts and is managed via a telematic system.&nbsp;<\/p>\n\n\n\n<p>In Germany and Austria, on the other hand, there is the&nbsp;<em>Lastschrift<strong>.<\/strong><\/em>&nbsp;The operation of this tool, similar to the&nbsp;<strong>RID<\/strong>&nbsp;in use in the Italian banking system, allows the creditor to collect a given amount by simply presenting it for collection. It requires, as in the case of the&nbsp;<strong>RID<\/strong>&nbsp;Italian, prior authorisation by the debtor. There are two types, the&nbsp;<em>Lastschrift<\/em>&nbsp;by&nbsp;<strong>type A&nbsp;<\/strong>provides for a permanent authorisation by the debtor. The&nbsp;<em>Lastschrift<\/em>&nbsp;by&nbsp;<strong>type B<\/strong>which is the most commonly used type, instead provides the debtor with the possibility of contesting the debit and requesting its reversal within the prescribed time limit.<\/p>\n\n\n\n<p>In Spain it is called&nbsp;<strong>IEF<\/strong>&nbsp;(<em>Incaso electronico de efecto<\/em>) and has a similar function to the&nbsp;<strong>LCR<\/strong>&nbsp;French. With this instrument, the collection becomes final after the 15-day period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_disciplina_dei_titoli_di_credito_nelle_transazioni_internazionali\"><\/span>The regulation of securities in international transactions<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As far as credit securities are concerned, two major areas should be distinguished. The one concerning the countries of&nbsp;<em>Civil Law<\/em>which have acceded to the Geneva Conventions on bills of exchange (1930) and cheques (1931), and the area concerning the countries of&nbsp;<em>Common Law<\/em>&nbsp;(for Great Britain the reference legislation is contained in the&nbsp;<em><a href=\"https:\/\/www.legislation.gov.uk\/ukpga\/Vict\/45-46\/61\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bills of Exchange Act<\/a><\/em>&nbsp;of 1882 and in the&nbsp;<em>Cheques Act<\/em>&nbsp;of 1957, for the US the discipline is contained in the<em><a href=\"https:\/\/www.law.cornell.edu\/ucc\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Uniform Commercial Code<\/a><\/em>). For the countries of&nbsp;<em>Common Law&nbsp;<\/em>differences are often substantive and not just terminological, as may be the case between the different countries of the&nbsp;<em>Civil Law<\/em>.&nbsp;<\/p>\n\n\n\n<p>In Common Law countries, the 'possession is worth title' rule does not apply.&nbsp;<em>Civil Law<\/em>and the bearer's ability to demand the performance contained in the note is given by the bona fide acquisition of the note itself. The bill of exchange, whether issued in the form of&nbsp;<em>Bill of Exchange or Promissory Note<\/em>, is not considered an enforceable title. Consequently, in the event of default, an ordinary action must be brought against the defaulting promisor.<\/p>\n\n\n\n<p>Another difference is that, whereas in&nbsp;<em>Civil Law<\/em>&nbsp;the bill of exchange and the cheque are configured as two different types of securities, in&nbsp;<em>Common Law<\/em>&nbsp;the cheque is regarded as a minor species of promissory note.<\/p>\n\n\n\n<p>In countries belonging to the&nbsp;<em>Civil Law<\/em>&nbsp;On the other hand, despite the above-mentioned Geneva Conventions, it is possible to find considerable differences between the national regulations on debt securities in the various countries. For example, not all legal systems contain, like Italy or Germany, general regulations on debt securities, and furthermore, the Conventions themselves provide, through the mechanism of reservations, for the possibility of derogating from the Convention. It should also be borne in mind that some countries (e.g. Turkey, Serbia and others), although they have signed the Convention, have not ratified it, with the consequence that it has not entered into force in their national legal systems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_disciplina_dei_titoli_di_credito_nel_diritto_internazionale_privato_italiano\"><\/span>The Regulation of Debt Securities in Italian Private International Law<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Article 59 of Law 218 of 31 May 1995 introduced two new rules of private international law: the first for bills of exchange, the second for other debt instruments.<\/p>\n\n\n\n<p>The former are regulated by means of a recitical or material reference to the&nbsp;<strong>Geneva Conventions<\/strong>&nbsp;on bills of exchange and cheques (Art. 59(1) and (2)), whereas for other securities the conflict rule refers to the&nbsp;<strong>state law&nbsp;<\/strong>in which the security was issued and for obligations other than the principal one to the law of the State in which each was entered into (Art. 59(3)).<\/p>\n\n\n\n<p>Bills of exchange are therefore governed by the Geneva Conventions (i.e. the Convention on Conflicts of Laws concerning bills of exchange and promissory notes of 7 June 1930, made enforceable in Italy by Law no. 1946 of 22 December 1932, and the Convention on Conflicts of Laws concerning bank cheques of 19 March 1931, made enforceable in Italy by Law no. 61 of 4 January 1934).<\/p>\n\n\n\n<p>The novelty is thus not in the connecting factor, but in the replacement of a conventional rule (which was opposed to a common law rule) by&nbsp;<strong>a single common law framework<\/strong>intended to apply 'also' outside the scope dictated by the conventions themselves.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lassegno_bancario\"><\/span>The bank cheque<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A cheque is an instrument that under Italian law is a security. This means that it possesses the characteristics proper to that category - abstractness, autonomy and formalism - in addition to the nature of an enforceable title that entails (after the protest has been lifted) the possibility of not having to take legal action to see one's right recognised but the possibility of accessing, after certain formalities have been carried out, directly to the enforcement process.<\/p>\n\n\n\n<p>The bank cheque has the formal structure of the bill of exchange, but usually performs a different function: it is not, in fact, a credit instrument, but constitutes a payment instrument at the service of those who have funds available at a particular bank. It may be defined as a promissory note, either to order or to bearer, containing an order addressed to the bank (drawee) to pay a specified sum on demand and entailing, on a subsidiary basis, the promissory liability of the issuer (drawer) and of all subsequent signatories vis-\u00e0-vis the lawful possessor requesting the performance.<\/p>\n\n\n\n<p>Given the possible differences in the regulation of cheques in other foreign legal systems (the foregoing concerns the regulation of cheques under Italian law), the use of this instrument in international transactions is discouraged.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"La_disciplina_dellassegno_in_USA\"><\/span>The discipline of the cheque in the US<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The bank cheque is widely used in the US and, unlike in Italy, also for considerable amounts. However, it should be noted that, unlike in many&nbsp;<em>Civil Law<\/em>It is not a debt instrument and is not an enforceable title. It follows, therefore, that it will be considered devoid of the typical features of abstractness and autonomy, thus being linked to the counter-performance for which it was issued. This implies that in order to obtain recognition of the debt and to be able to proceed with enforcement it will be necessary to obtain a judgment of condemnation.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_titoli_cambiari\"><\/span>Bills of exchange<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are two distinct types of bills of exchange:<\/p>\n\n\n\n<ul><li><strong>the bill of exchange&nbsp;<\/strong>(internationally&nbsp;<em>Bill of Exchange<\/em>), contains the order that one party (the drawer) gives to another party (the drawee) to pay to a third party (the borrower) a specified sum of money;<\/li><li><strong>the promissory note&nbsp;<\/strong>(internationally&nbsp;<em>Promissory note<\/em>), a security containing a promise made by a party (issuer) to pay a specified sum of money at a specified due date to a beneficiary.<\/li><\/ul>\n\n\n\n<p>Both bills of exchange and promissory notes qualify as&nbsp;<strong>unilateral legal transactions<\/strong>. However, whereas for the promissory note it is common ground that it is&nbsp;<strong>unilateral promise<\/strong>there are two different orientations for the promissory note: some tend to include it in the &nbsp;<strong>promise of the third party's deed<\/strong>&nbsp;while others tend to frame it in the pattern of the&nbsp;<strong>delegation.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dal_punto_di_vista_giuridico_la_cambiale_e_un_titolo_di_credito_universalmente_riconosciuto_e_anche_se_privo_di_esecutivita_in_tutti_i_Paesi_costituisce_comunque_una_prova_del_mancato_pagamento\"><\/span>From a legal point of view, the bill of exchange is a universally recognised debt instrument and, even if not enforceable in all countries, still constitutes proof of non-payment.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is a widely used instrument in medium to long-term payments involving supplies of significant amounts (often of capital goods and\/or plant). This instrument allows the seller, through a credit assignment and mobilisation transaction, to quickly collect the amount of the supply and at the same time the buyer to be able to purchase the asset and then pay for it in instalments.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Il_Pagare_formato_assegno\"><\/span>The cheque-sized Pagar\u00e9<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There is a particular figure frequently used in Spain, the '<em>Pagar\u00e9<\/em>&nbsp;cheque format', which is basically a&nbsp;<em>Pagar\u00e9<\/em>&nbsp;domiciled for payment at a bank where the issuer has funds. In fact, it corresponds to the equivalent of a post-dated cheque, albeit permitted by current law.&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>International payment instruments An international payment\/collection instrument is the instrument that regulates relations between parties resident in different countries, a diversity that entails significant differences compared to payments made in a domestic market not only with respect to the greater risks involved in the transaction, but also with respect to the ... <\/p>\n<p class=\"read-more-container\"><a title=\"Credit risk management and international payment methods\" class=\"read-more button\" href=\"https:\/\/aedic.eu\/en\/credit-risk-management-and-international-payment-methods\/#more-11372\" aria-label=\"More on Credit Risk Management and International Payment Methods\">Read 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