____ refers to the purchase of financial obligations, such as bills of exchange or promissory notes, without recourse to the original holder, usually the exporter.

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Forfaiting refers to the purchase of financial obligations, usually by a specialized forfaiting firm, without recourse to the original holder, usually the exporter. This allows the exporter to receive payment without waiting for the buyer to pay, while transferring the risk of non-payment to the forfaiting firm. Factoring and accounts receivable financing involve the sale of receivables to a third party, usually a financial institution, but with recourse to the original holder in case of non-payment.

____ Refers to the Purchase of Financial Obligations, Such as Bills