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A Study on the Institutional Review and Main Implications under a Bank Payment Obligation (BPO의 제도적 고찰과 그 주요 시사점에 관한 연구)

  • Chae, Jin-Ik
    • Korea Trade Review
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    • v.42 no.5
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    • pp.213-232
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    • 2017
  • A Bank Payment Obligation is now in operation as payment instruments in the business of Supply Chain Finance since 2013. The BPO is an irrevocable undertaking of the Obligor Bank subject to the successful electronic matching of all required Data Sets with the established Baseline in the TMA. Although the BPO should be regarded as similar to a Letter of Credit, it is a new payment solution based on a technology and data-driven mechanisms. The BPO is different from the letter of credit in their structure such as a bank to bank obligation, an automated matching engine, a transfer and confirmation of the Credit, etc. The BPO can also be used more effectively on a stand-alone solution as an electronic alternative to the traditional instruments. it will provide a new range of solutions to meet the ever-changing needs of the trade customers. However, the BPO could be raised several issues including an assurance of payment between recipient banks and sellers because the BPO is a bank-to-bank obligation. The URBPO do not applies to the relationships between banks and their business clients. So, the primary objective of this paper is to promote the institutional understanding and present the implications by reviewing the majn issues in the BPO as comparision with the Letter of Credit from the institutional point of view. This research was also based on documentary research focusing on the preceding research and the materials of ICC and SWIFT.

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A Study on the Institutional Perspective and Application for a Bank Payment Obligation as a International Payment Solution (국제결제제도로서 BPO의 제도적 관점과 그 운용에 관한 연구)

  • Chae, Jin-Ik
    • Korea Trade Review
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    • v.43 no.4
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    • pp.1-25
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    • 2018
  • Bank payment obligations (BPO) have been used since 2013 as a payment solution in the business of supply chain finance. The BPO is an irrevocable undertaking of the obligor bank subject to the successful electronic matching of all required data sets with the established baseline in the TMA. Although the BPO should be regarded as similar to a letter of credit, it is a new payment solution based on advanced technology and data-driven mechanisms. The BPO differs from the credit in institutional terms such as bank-to-bank obligations, automated matching engines, and transfer and confirmation, etc. The BPO can also be used effectively as a stand-alone electronic solution to traditional instruments. it provides a new range of solutions to meet the ever-changing needs of trade customers. However, Operation of the BPO can leads to several issues including an assurance of payment between recipient banks and sellers because the BPO is a bank-to-bank obligation. The URBPO does not apply to relationships between banks and their business clients. So, the primary objective of this paper is to promote institutional understanding and present implications by reviewing major issues concerning the BPO as compared with the letter of credit from the institutional point of view. This research was based on documentary research focusing on the preceding research and the materials of ICC and SWIFT.

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A Study on the Improvement of Competitive Power of Small and Medium Export Business through using the BPO and SCF (BPO·공급망금융의 이용을 통한 중소수출기업의 경쟁력 제고방안에 관한 연구)

  • Jang, Eun-Hee;Hwang, Jee-Hyon
    • Korea Trade Review
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    • v.42 no.5
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    • pp.233-252
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    • 2017
  • The fast changes of global financial environment in recent years increase the risk of trade settlement. This means are required to minimize risk of non payment and to maximize secure payment. Open Account trade accounts for 90% of global trade flows. The O/A system means that the goods, along with all the necessary documents, are shipped and delivered before payment is due, usually within a time frame from 30 to 90 days. Meanwhile, Korean small and medium-sized export enterprises are compelled to globalize their activities owing to limitation and competitiveness of domestic marketplace. To keep face with the global trade settlement system and to support globalization of small and medium-sized export firms, the BPO together with Supply Chain Finance will be solutions. The introduction of the BPO system will allow banks to broaden O/A offerings to their client base and due to secure safety, sellers could ship the goods without delay according to orders and buyers could settle promptly by payment undertaking of correspondent banks. Therefore, it is more effective for companies which have sustainable customers and stable transaction. This study take a look at the trend of the global payment systems and suggested limitation of existed payment in order to derive improvement measures of electronic payment for small and medium-sized export enterprises.

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Differences between the Bank Payment Obligation and Letter of Credit in Global Settlement Method

  • Jon Mo Yoon;Bong-Soo Lee
    • Journal of Korea Trade
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    • v.27 no.2
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    • pp.1-21
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    • 2023
  • Purpose - The bank payment obligation is a transaction method that combines the certainty of L/C transactions with the speed of remittance payments, so the main purpose of this study is to highlight the superiority of bank payment obligation, noting the difference between bank payment obligation and L/C transactions. In addition, we would like to examine how bank payment obligations can actually be applied to support various valuable proposals such as post-shipment and post-shipment finance according to the payment process.. Design/methodology - This study focused on literature based on data from ICC and SWIFT along with previous domestic and international studies. In terms of a research method, a literature review was adopted with electronic trade-related books and journals and policy-related reports from international trade-related agencies. Findings - Unlike L/C transaction, BPO transaction verify the data inquiry process based only on the combination result of the established baseline and dataset. Accordingly, it is superior to L/C transaction in that there is no confrontation between the parties over the results of the inquiry, and clear transactions are possible according to the principle of proof after prepayment. In addition, unlike credit transactions, data inconsistency acceptance procedures confirm payment obligations in consideration of importers' intentions. As a result, as long as trade documents are in the hands of exporting countries, flexible document disposition is possible in response to the situation after payment, which is more advantageous than L/C transaction. Originality/value - Specifically, from the importer's point of view, BPO transactions have the advantage of reducing the manpower required to prepare and review trade documents and processing transaction negotiations with exporters advantageously due to the strength of payment obligations. From the perspective of the exporter, it has the advantage of enabling rapid recovery of trade payments and reducing the risk of importer's cancellation of transactions or content change. From the perspective of participating banks, it is possible to strengthen relations with importer and obtain high commission income by increasing the role of bank reduced by reducing L/C transaction.

Extractive Nitrogenous Constituents in Commercial Tohajeot, a Salted and Fermented Freshwater Shrimp (Caridina denticulata denticulata), and their Quality Index (시판(市販) 토하(土蝦)젓의 함질소(含窒素) 엑스성분(成分) 조성(組成) 및 품질지표(品質指標)에 관(關)한 연구(硏究))

  • Park, Choon-Kyu;Park, Jung-Nim
    • Korean Journal of Food Science and Technology
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    • v.29 no.2
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    • pp.230-239
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    • 1997
  • In order to investigate the composition and the actual condition of extractive nitrogenous constituents in Tohajeot (a salted and fermented freshwater shrimp, Caridina denticulata denticulata) and in seasoned Tohajeot which were sold in the markets, the extract was analyzed separately into extractive nitrogen, free amino acids, oligopeptides, nucleotides and related compounds, quaternary ammonium bases, and guanidino compounds, using specimens collected at the fish markets of Yosu and Naju cities in 1994 and 1995. The salinity of Tohajeot was very high $(23.6{\sim}25.1)%$, but seasoned Tohajeot was relatively low $(8.4{\sim}11.4%)$. The extractive nitrogen in the extracts of Tohajeot and seasoned Tohajeot was $311{\sim}531\;mg\;and\;256{\sim}429\;mg$, and the total of free amino acids in them were $1,159{\sim}2,584\;mg\;and\;1,012{\sim}1,672\;mg$ respectively. Glutamic acid, leucine, lysine, histidine, alanine, ornithine, and tyrosine were the major amino acids in Tohajeot extract, and glutamic acid, lysine, arginine, aspartic acid, histidine, leucine and alanine were the main amino acids in seasoned Tohajeot. As for nucleotides and related compounds in them were $2.64{\sim}4.82\;{\mu}mol\;and\;1.08{\sim}1.93\;{\mu}mol$ respectively. Homarine, trigonelline, glycinebetaine and ${\beta}-alaninebetaine$ were detected in them. Homarine was the most abundant, ranging from 18 mg to 86 mg, but the others were very low. The content of major nitrogenous constituents in Tohajeot extract, such as extractive nitrogen, free amino acids, oligopeptides, nucleotides and related compounds, and betaines, was more abundant than that in seasoned Tohajeot extract. But the nitrogenous constituents of Tohajeot extract were poorer than those of anchovy sauce which was sold in the markets. Possibly, the extractive nitrogenous components, which consisted of total betains, total free amino acids, and phenylalanine might be recommended as the quality indices of standardizing Tohajeot and seasoned Tohajeot.

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Physicochemical Stability of Anthocyanins from a Korean Pigmented Rice Variety as Natural Food Colorants (천연색소로서 한국산 유색미 안토시아닌의 안정성 연구)

  • Yoon, Joo-Mi;Cho, Man-Ho;Hahn, Tae-Ryong;Paik, Young-Sook;Yoon, Hye-Hyun
    • Korean Journal of Food Science and Technology
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    • v.29 no.2
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    • pp.211-217
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    • 1997
  • The physical and chemical stability of anthocyanins from a Korean pigmented rice variety was investigated at various conditions of pH, temperature, metal ion, sugar, organic acid and light. The anthocyanin pigments were relatively stable with half-lives of 36 days (pH 2.0) and 17 days (pH 3.0), while they were decomposed in a day at neutral and basic pH of 7.0 and 9.0 at $25^{\circ}C$. The anthocyanins also showed high thermal stability at pH 3.0; the half-lives were 7.4 hr, 23.6 hr and 96.3 hr at $95^{\circ}C,\;75^{\circ}C\;and\;50^{\circ}$, respectively. Addition of di- and tri-valent metal ions at pH 3.0 resulted in the increase of color intensity and stability throughout 21 days of storage periods at $25^{\circ}C$. Most sugars added accelerated the degradation of anthocyanin pigments, so that fructose showed the greatest degradation effect on the pigments. Addition of citric acid at pH 3.0 increased stability of anthocyanins, while tartaric acid decreased stability. The anthocyanins were very sensitive on light irradiation with a degradation half-life of 14 hr under 20,000 lux-light dosage at pH 3.0.

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Chemo-Mechanical Analysis of Bifunctional Linear DGEBA/Linear Amine (DDM, DDS) Resin Casting Systems (DGEBA/방향족 아민(DDM, DDS) 경화제의 벤젠링 사이의 관능기 변화가 물성 변화에 미치는 영향에 대한 연구)

  • 명인호;정인재;이재락
    • Composites Research
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    • v.12 no.4
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    • pp.71-78
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    • 1999
  • To determine the effect of chemical structure of linear amine curing agents on thermal and mechanical properties, standard epoxy resin DGEBA was cured with diaminodiphenyl methane (DDM), diaminodiphenyl sulphone (DDS) in a stoichiometrically equivalent ratio. From this work, the effect of aromatic amine curing agents. In contrast, the results show that the DGEBA/DDS cure system having the sulfone structure between the benzene rings had higher values in the conversion of epoxide, density, shrinkage (%), glass transition temperature, tensile modulus and strength, flexural modulus and strength than the DGEBA/DDM cure system having methylene structure between the benzene rings, whereas the DGEBA/DDM cure system presented higher values in the maximum exothermic temperature, thermal expansion coefficient, and thermal stability. These results are caused by the relative effects of sulfone group having strong electronegativity and methylene group having (+) repulsive property and stem from the effect of the conversion ratio of epoxide group. The result of fractography shows that the each grain size of the DDM/DGEBA system with feather-like structure is larger than that of the DDS/DGEBA system.

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Utilzation of Ascidian, Holocynthia roretzi -5. Processing and Quality Evaluation of Fermented Ascidian(I)- (우렁쉥이 이용에 관한 연구 -5. 우렁쉥이 젓갈의 제조 및 품질평가( I )-)

  • LEE Kang-Ho;CHO Ho-Sung;LEE Dong-Ho;RYUK Ji-Hee;CHO Young-Je;SUH Jae-Soo;KIM Dong-Soo
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.26 no.3
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    • pp.221-229
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    • 1993
  • In this study fermentation of fresh ascidian was attempted to widen the utility of ascidian. Fresh deshelled and sliced ascidians were fermented for 90days at $25^{\circ}C$ with different salt contents of 5, 10, 15 and $20\%$ (w/w) and at $5^{\circ}C$ with 5 and $10\%$ salt. Changes of such components during fermentation as free amino acids, nucleotides and the related compounds, volatile basic nitrogen(VBN), trimethyl amine(TMA), amino nitrogen and total creatinine were determined. VBN increased rapidly after 30days of fermentation at $25^{\circ}C$ while slowly in cases of fermentation at $5^{\circ}C$ and with high salt concentration. Amino nitrogen and the total creatinine also increased gradually until 45 days and 30days of fermentation, respectively, hereafter tended to decrease. ATP and ADP seemed to degrade rapidly in fresh ascidian post harvest and AMP, IMP and inosine also degraded down to hypoxanthine during fermentation. After 45days of fermentation, in the free amino acid composition of fermented ascidian were taurine, proline, glutamic acid, histidine, lysine, alanine and valine in order. The amino acids known as sweetner like prolline, lysine, alanine and glycine were in increased in fermented ascidian. The result of sensory evaluation of fermented ascidian pretreated with acid or sulfite solution showed that the peculiar taste and flavor of ascidian remained without browning for 45days fermentation at $5^{\circ}C$.

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THE TASTE COMPOUNDS FERMENTED ACETES CHINENSIS (새우젓의 정미성분에 관한 연구)

  • CHUNG Seung-Yong;LEE Eung-Ho
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.9 no.2
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    • pp.79-110
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    • 1976
  • In Korea fermented fish and shellfish have traditionally been favored and consumed as seasonings or further processed for fish sauce. Three major items in production quantity among more than thirty kinds which are presently available in the market are fermented anchovy, oyster and small shrimp. They are usually used as a seasoning mixture of Kimchi in order to provide a distinctive flavor. Fermented small shrimp, Acetes chinensis is most widely and largely used ana occupies an important position in food industry of this country. But no study on its taste compounds has been reported. This study was attempted to establish the basic data for evaluating taste compounds of fermented small shrimp. The changes of such compounds during fermentation as free amino acids, nucleotides and their related compounds, TMAO, TMA, and betaine were analysed. In addition, change in microflora during the fermentation under the halophilic circumstance was also investigated. The samples were prepared with three different salt contents of 20, 30 and $40\%$ to obtain the proper degree of fermentation at a controlled tempeature of $20{\pm}2^{\circ}C$. The results are summarized as follows: Volatile basic nitrogen increased rapidly until 108 days of fermentation and afterwards it tended to increase slowly. Amino nitrogen also increased rapidly until 43 days of fermentation and then increased slowly. Extract nitrogen increased and marked the maximum value at 72 day fermentation and then decreased slowly. ADP, AMP and IMP tended to degrade rapidly while hypoxanthine increased remarkably at 27 day fermentation but slightly decreased at 72 day fermentation. It is presumed that the characteristic flavor of fermented small shrimp might be attributed to the relatively higher content of hypoxanthine. In the free amino acid composition of fresh small shrimp abundant amino acids were proline, arginine, alanine, glycine, lysine, glutamic acid, leucine, valine and threonine in order. Such amino acids like serine, methionine, isoleucine, phenylalanine, aspartic acid, tyrosine and histidine were poor. In small shrimp extract, proline, arginine, alanine, glycine, lysine and glutamic acid were dominant holding $18.5\%,\;14.6\%,\;10.8\%,\;8.7\%,\;8.1\%\;and\;7.7\%$ of total free amino acids respectively. The total free amino acid nitrogen in fresh small shrimp was $63.9\%$ of its extract nitrogen. The change of free amino acid composition in the extract of small shrimp during fermentation was not observed. Lysine, alanine glutamic acid, proline, glycine and leucine were abundant in both fresh sample and fermented products. The increase of total free amino acids during 72 day fermentation reached approximately more than 2 times as compared with that of fresh sample and then decreased slowly. Fermented small shrimp with $40\%$ of salt was too salty to be commercial quality as the results of organoleptic test showed. It is found that 72 day fermentation with $20\%\;and\;30\%$ of salt gave the most favorable flavor. It is convinced that the characteristic flavor of fermented small shrimp was also attributed to such amino acids as lysine, proline, alanine, glycine and serine known as sweet compounds, as glutamic acid with meaty taste, and as leucine known as bitter taste. The amount of betaine increased during fermentation and reached the maximum at 72 day fermentation and then decreased slowly TMA increased while TMAO decreased during fermentation. The amount of TMAO nitrogen in fermented small shrimp was $200mg\%$ on moisture and salt free base. Betaine and TMAO known as sweet compounds were abundant in fermented small shrimp. It is supposed that these compounds could also play a role as important taste compounds of fermented small shrimp. At the initial stage of fermentation, Achromobacter, Pseudomonas, Micrococcus denitrificans which belong to marine bacteria were isolated. After 40 day fermentation, they disappeared rapidly while Halabacterium, Pediococcus, Sarcian, Micrococcus morrhuae and the yeasts such as Saccharomyces sp. and Torulopsis sp. dominated. It is concluded that the most important taste compounds of fermented small shrimp were amino acids such as lysine, proline, alanine, glycine, serine, glutamic acid, and leucine, betaine, TMAO and hypoxanthine.

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Irradiation Preservation of Korean Fish 1. Kadurization of croaker, yellow corvenia and roundnose flounder (방사선조사에 의한 한국산어류의 품질보존에 관한 연구 1. 민어, 참조기 및 물가자미의 감마선 조사 후의 보존특성)

  • CHUNG Jong Rak;KIM Su Ill;LEE Min Chul
    • Korean Journal of Fisheries and Aquatic Sciences
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    • v.9 no.2
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    • pp.129-142
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    • 1976
  • Optimum doses The optimum dose that may be defined as the dose below the maximum permissible dose, yet would bring about a significant storage life extension at refrigerated temperatures, varied with species of fish as well as with the postirradiation storage temperatures. Thus the dose of 0. 1 Mrad was considered to be optimum for the croaker and yellow corvenia at $0^{\circ}C$, while at $5^{\circ}C$ the dose of 0.2 Mrad would be suitable for both species. The roundnose flounder was more radiosensitive and even at the dose of 0.1 Mrad a slight irradiation odor was detected immediately after the radiation treatment. Such degree of irradiation odor disappeared upon storage, therefore, the dose of 0.1 Mrad was considered to be optimum for the roundnose flounder at both $0^{\circ}\;and\;5^{\circ}C$. Storage life extension The croaker meats irradiated at 0.1 Mrad could be held at $0^{\circ}C$ as long as 5 weeks in good acceptable conditions, while the unirradiated control became unacceptable within 2 weeks-3-4 for extension of storage life at $0^{\circ}C$. At the storage temperature of $5^{\circ}C$, the storage life of 0.2 Mrad irradiated samples was extended from less than one week to 4 weeks--4-5 fold extension. The storage life extension of 0.1 Mrad irradiated yellow corvenia at $0^{\circ}C$ was from less than 2 weeks for the unirradiated to 4 weeks-approximately a-s folds and that of 0.2 Mrad irradiated samples stored at $5^{\circ}C$ was from 5 days to 3 weeks 4-5 folds. The roundnose flounder meats irradiated at 0.1 Mrad could held at $0^{\circ}C$ for 3-4 weeks as compared to less than 1 week for the unirradiated and at $5^{\circ}C$ the storage life could be extended from less than 3 days to up to 3 weeks. Thus the storage life extension by 4-5 folds and by 6-7 folds was possible at $0^{\circ}C\;and\;5^{\circ}C$ storage, respectively. Postirradiation storage microbiology and biochemistry In general 10 fold reduction of initial microflora was realized as a result of irradiating fish samples at 0.1 Mrad. The extent of microflora reduction increased with increasing doses applied, but not proportionately dependent. The microbial growth in the irradiated was severely retarded during the subsequent storage period, lagging far behind that of the irradiated control samples except in the late storage phase, when the levels of microflora of the irradiated either approached to or rose above the levels of the unirradiated. The microbiological changes caused by irradiation was reflected in the pronounced suppression of TVB and TMA accumulation during the storage period. This suggests that irradiation treatment brought about both quantitative and qualitative changes in microflora initially present and it is reasonable to suggest that the microflora removed by irradiation in fact represent most of the flora capable of producing TVB and TMA in normal fish spoilage process.

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