A bill of exchange turns a trade debt into a signed, transferable claim, which courts treat as close to cash
A bill of exchange is an unconditional written order to pay, and a promissory note is an unconditional written promise to pay. Both can change hands and be discounted, and the English High Court has said bills are generally treated as cash.
Forfaiting buys an exporter's future payment claims outright, with no recourse to the exporter
Forfaiting is the without recourse purchase of future payment obligations, such as bills of exchange, promissory notes and letter of credit obligations. The advance is normally 100 percent of face value less finance charges.