Bank Guarantee ICBPO Myth.... Exposing the Truth! We work with 6 of the 7 largest funders in the world and NONE will reply after a BG Issuer sends a 799 with an ICBPO! It is a myth that a Funder will send an ICBPO to a BG Issuer! It is impossible to find one single funder that will do this because ICBPOs are now ILLEGAL!
When an ICBPO was issued the BG Issuer could take the ICBPO and leverage it to buy a BG! This meant that people were promoting themselves as BG Issuers when they actually DO NOT have ANY Bank Guarantees at ALL.
They were using the ICBPO commitment from the funder to go and buy a Bank Guarantee to supply to you the client, so you can complete the deal. Funders have known about this game for years, they see it as misrepresentation and fraud.
As a result when ICBPO's were legal almost all Bank Guarantee Funders would NEVER in their right mind EVER issue an ICBPO because they would not allow the funders ICBPO to be leveraged by the BG Issuer prior to settlement.
ICBPO's are now Dead because they are illegal, read more on that here.
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This article was republished with the permission of the original author.
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