Bill of Exchange (BoE) is a written document that obligates one party to pay a fixed amount of money to another party at a predetermined future date. Essentially, it’s a written promise to pay money, and that promise can be passed on to someone else who can then collect the payment. Typically, BoE includes details like payment amount, due date, and parties involved.
The Bill of Exchange started to go out of fashion because paper can be a pain. But with the introduction of digital Bills of Exchange (dBE), they’re back, and have been selected by the likes of J.P. Morgan and Mercore as a prime starting point for digitising trade documents. Learn more about the process of using a dBE here.