Open account

Trading method in which goods are despatched to a buyer and paid for after they have been received.

Opening bank

Another name for the Issuing bank in a letter of credit.

Order

On a bill of exchange, 'order' or 'to order' means that the drawer directs payment to be made to another party (usually a bank).

On a bill of lading, 'order' or 'to order' assigns title to the goods to another party.

See also: endorsement, blank endorsement.

Outward collection

How the Remitting bank refers to a collection.

Collection being sent overseas to collecting bank(s) for presentation to buyer.

Outward letter of credit

How the Issuing bank refers to a letter of credit.