Abstract: A computer system using a global computer network such as the Internet to effect the selection of banks to issue and to confirm letters of credit. A website (15) is maintained by a transaction manager and receives requests for the issuance of an LC and the confirming of an LC from a buyer and a seller, respectively. The website also receives bids from LC issuers for an issuance request and from LC confirmers for a confirmation request and formats all of the bids into a formatted form and provides the buyer and the seller access to the formatted form. Upon successful agreement between a buyer and an LC issuer, the website charges each a fee for using the website, and upon successful agreement between a seller and an LC confirmer, the website charges each a fee for using the website.