Definitions for "Accepting Bank"
The bank named in a term Letter of Credit on which drafts are drawn that has agreed to accept the draft. By accepting the draft, the Drawee Bank signifies its commitment to pay the face amount at maturity to anyone who presents it at maturity. After accepting the draft, the Drawee Bank becomes the Accepting Bank.
The bank specifically nominated in the letter of credit as the bank on which a bill of exchange (draft) at a specified usance (time or term) is to be drawn.
A bank which by signing 'accepted' on a time draft accepts responsibility to pay when the draft becomes due.