Letter of Credit Alternative in Ripple

[MarakVees]

Hi All,

I have been following the blog for a while and I am both a long term hodler (if that's a word) and i also do some day trading on ripple and some other altcoins. 

I really like the technology and what the people are doing here and in fact i am trying to utilise it for my business where possible.

I am currently facing an issue with a supplier who i have worked it for only a short period of time and i need to transfer a substantial amount of money. I have exhausted the solutions offered by banks in order to secure the transfer but at 2% of the value per month the Letter of Credit charges are horrible. 

Given that the supplier also happens to have an XRP wallet is there a method to carry out the alternative in a cheaper but safe way - say he does not get the funds unless a certain condition is met?  I have read that something on these lines is possible however I am not sure where best to read the full procedure for doing this

 

Thanks for your help in advance and all the best on this project

[HODLReport]

It has been almost 1 year since you posted. I am very interested to know what you discovered and what you ended up doing.