Forfaiting of receivables under deferred payment letters of credit represents a model of financing of the seller (exporter), where the bank pays, immediately and without recourse, the discounted amount of forfaited receivable under letter of credit to the seller being the letter of credit beneficiary. The beneficiary of the letter of credit concludes a forfait contract with the bank befor the payment. Upon maturity, the issuing bank effects payment under the letter of credit in favour of the bank, thereby settling the forfaited receivable.