There are six categories of participants in our scenario: which are exporter, importer, exporter's bank, importer's bank, carrier, and regulatory authority. The terms in this set refer to the roles an entity can assume in a trade deal; for example, a company exporting goods in one instance may be an importer in another. The capabilities and restrictions of each role are also detailed in the following list:

• Only an importer may apply for an L/C
• Only an importer's bank may supply an L/C
• Only an exporter's bank may accept an L/C
• Only an exporter may request an E/L
• Only a regulatory authority may supply an E/L
• Only an exporter may prepare a shipment
• Only a carrier may supply a B/L
• Only a carrier may update a shipment location
• Only an importer's bank may send money, and only an exporter's bank may receive money