A confirmed letter of credit is another name for a standby letter of credit.

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Jamesen Sauerwald · Accepted Answer

Final Answer : False, Explanation :  A confirmed letter of credit involves a second bank guaranteeing the payment in addition to the issuing bank, enhancing the beneficiary's security. A standby letter of credit, however, is a guarantee of payment issued by a bank on behalf of a client, acting as a safety net if the client fails to fulfill a contractual commitment with a third party. They serve different purposes and are not the same.

A "confirmed letter of credit" is another name for a "standby letter of credit."

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