Explain briefly the following terms: applicant; opening bank; beneficiary; advising bank; confirming bank.

Explain briefly the following terms: applicant; opening bank; beneficiary; advising bank; confirming bank.

applicant: the importer that goes toa bank for the establishment of L/C
opening bank: the bank that issues the credit
beneficiary: the exportei thet can get paid based on a credit
advising bank: usually the correspondent bank of opening bank in the exporter's country to advise the exporter of receipt of a credit
confirming bank, the bank that adds its own commitment to a credit