Definitions for "Account Party"
Party for whom a letter of credit is opened. "Account party" and "applicant" are generally synonymous, but sometimes one party will agree with the issuing bank to make all payments under a letter of credit showing the name of another party (often two affiliated companies). Banks may refer to one of these parties as the applicant and the other as the account party, but there is no consistency among banks regarding which is which.
banking) The party that instructs a bank (issuing bank) to open a letter of credit. The account party is usually the buyer or importer.
Same as Applicant, the party at whose request a bank issues a letter of credit.