A bill of exchange is a negotiable instrument that records an unconditional instruction to make a payment. It can require settlement at once or at a later maturity date, and the person entitled to receive the money may be the issuer or another named payee. Businesses often use bills to support commercial transactions and to obtain working capital by selling or discounting the instrument before it matures.
Passende Formel
Source: European Central Bank (ECB) (source). This glossary entry is an independently worded adaptation of the cited information.