NAICS Code 522110-04 - Letters Of Credit

Marketing Level - NAICS 8-Digit

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NAICS CODE 522110-04
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NAICS Code 522110-04 Description (8-Digit)

The Letters of Credit industry falls under the Commercial Banking subdivision of the NAICS Code 522110. This industry involves the issuance of letters of credit, which are financial instruments used to guarantee payment between two parties in a transaction. Letters of credit are commonly used in international trade to ensure that payment is made for goods or services provided. This industry plays a crucial role in facilitating global trade by providing a secure and reliable method of payment.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522110 page

Tools

Tools commonly used in the Letters Of Credit industry for day-to-day tasks and operations.

  • SWIFT (Society for Worldwide Interbank Financial Telecommunication) messaging system
  • Trade finance software
  • Compliance software for regulatory requirements
  • Risk management software
  • Electronic document management systems
  • Fraud detection software
  • Payment processing systems
  • Foreign exchange software
  • Customer relationship management software
  • Data analytics tools

Industry Examples of Letters Of Credit

Common products and services typical of NAICS Code 522110-04, illustrating the main business activities and contributions to the market.

  • Exporters
  • Importers
  • Freight forwarders
  • Customs brokers
  • Banks (excluding commercial banks)
  • Trade finance companies
  • Insurance companies
  • Logistics companies
  • Manufacturers
  • Distributors

History

A concise historical narrative of NAICS Code 522110-04 covering global milestones and recent developments within the United States.

  • The use of letters of credit dates back to ancient times, where they were used as a means of payment for goods and services. The first recorded use of letters of credit was in the 4th century BC in Babylon, where merchants used them to avoid carrying large amounts of gold and silver across long distances. In the Middle Ages, Italian merchants developed the concept of the letter of credit further, using it as a means of financing trade between Europe and the Middle East. In the 19th century, the use of letters of credit became more widespread, with the establishment of international trade and the growth of the banking industry. Today, letters of credit are an essential part of international trade, providing a secure means of payment for goods and services. In recent history, the use of letters of credit in the United States has been influenced by changes in technology and the global economy. The rise of electronic payments and the growth of e-commerce have led to a decline in the use of paper-based letters of credit. However, letters of credit continue to play an important role in international trade, particularly in emerging markets where trust and security are major concerns. The United States remains a major player in the global letters of credit market, with many of the world's largest banks and financial institutions based in the country. Overall, the history of the letters of credit industry has been one of evolution and adaptation to changing economic and technological conditions.