Securitisation
Since 1994, the Bank has utilised a number of future flow DPR platforms securitising check payments, credit card receipts and trade payment rights in order to obtain medium term funding at attractive costs.
In 2002, the Bank established Garanti BBVA Diversified Payment Rights Finance Company for the purpose of utilising diversified payment rights (“DPRs”) originated by Garanti BBVA to support the issue of rated notes.
Diversified Payment Rights (DPRs) are rights to current and future collections on hard currency electronic payment orders, typically SWIFT MT103 Payment Orders, where the ultimate beneficiary is a person, customer or company.
- The commercial and consumer payments flow through Garanti BBVA from a diverse range of individuals and entities
- The remitters send the flows through highly rated foreign banks
- The payments are derived from a diverse range of sectors, including trade, workers’ remittances, transportation and freight, tourism, construction, FX and deposits, and other flows
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