ICC Digital Library Forum

This is an interesting issue. There are customers asking for a such arrangement in order to save a couple of days, i.e. instead of sending the original documents (previously approved by the nego bank) to nego bank for onward transmission to issuing bank, they want to send these direct to the issuing bank … If there is an agreement between the customer and nego bank that clearly regulates customer’s and bank’s obligations and liabilities in a such arrangement (a.o. documents lost in transit, original documents in the required number presented) then such arrangement should not be problematic and risky for the nego bank???
The issuing bank receives the documents as presented by the nego bank and all communication regarding the documents, inclusive payment, would be between the issuing bank and the nego bank.

But the documents have never been presented to the negotiating bank! The fact that the 'schedule' bears the negotiating bank's address, logo etc does not change this. That is the crux of the matter.