International Banks Functions and Regulations Essay

International Banks Functions and Regulations - Essay Example This research will begin with the overview of international banks. A proper definition of International Banks mainly depicts a facility, which permits various funding organizations belonging to diverse regions of the nations throughout the globe to perform credit and debit operations. It also facilitates these funding organizations to participate in offering various loan provision services to various foreign inhabitants and establishments. Depending on the services, the international banks usually avails various sorts of exemptions in terms of reserve requirements and imposed tax rates that set by the respective governments. It is worth mentioning that direct as well as indirect support from the above-discussed funding organizations such as ‘International Banking Facility’ (IBF) eventually leads towards bringing about greater efficiency and effectiveness in the operational procedures of multiple international banks. After acquiring a brief idea about the international ba nks, it can be apparently observed that these banks offer a wide variety of services to both domestic and international clients. A few of these services have been described in the following. One of the services, which offer by international banks, is the ‘letter of credit’ service. This service is basically provided in the cases of products or services that purchase by individuals or organizations from the international banks. In relation to this particular service, the banks issue a document, which acts as an assurance of payment to the seller of the goods or the services, even if the buying individuals or organizations fail to comply with the payment process. It would be vital to mention that the banks issuing the ‘letter of credit’ document will certainly make the buyers liable for making payments to the sellers.

Compare and contrast an RFP with an RFQ. Briefly discuss under what Essay

Compare and contrast an RFP with an RFQ. Briefly discuss under what circumstances would you use each in an IT project - Essay Example A request for quotation is suitable for obtaining or sourcing supplies that are standardized as well as produced in a repetitive quality and quantities. It is used when the buyer has a list of pre-determined suppliers who have the technical specifications and commercial requirements for a product or service (Kappauf, Lauterbach & Koch, 2011). A request for proposal (RFP) is also a procurement document that a purchasing organization uses when it has a procurement problem, but it does not know how it wants to solve the problem. It is the most formal of a request in a procurement process and has strict rules for timeline, content, and vendor responses. Request for proposal focuses on more than just the cost or pricing of the project or supplies. The purchasing organization tends to seek more information about the manner in which the supplier or contractor will perform the contract. Apart from the cost of the project, the procurement department also seeks more concepts such as the ability of the supplier to meet the required quality as well as the technology a supplier uses. The buyer appraises a supplier or contractor’s ability and capability to perform the project on the basis of quality, financial capacity, technology level, and competence. The procurement department uses all these factors to select the best suppli er or contractor for the contract. A request for proposal tends to notify suppliers of the buyer’s intention to purchase certain goods or services. The buyer gets a formal submission from the selected suppliers to facilitate comparison of the proposals. A request for proposal tends to show that a buyer has a formal as well as a fair procurement process without favoring a certain preferred supplier (Stewart & Stewart,