Evaluate this statement and the principles of standardise banking procedures for payment of documentary credits.

Journal of Business Law

Although the letter of credit is likely to be favoured in the world’s more difficult markets because it is a flexible mechanism which can be adjusted to minimise particular risks, increasingly large Western retailers importing manufactured products are insisting upon the cheaper payment method of open account terms.”

J. Ulph, ‘The UCP 600: Documentary Credits in the 21st Century’ (2007) Journal of Business Law, June, 355, 356.

Evaluate this statement and the principles of standardise banking procedures for payment of documentary credits.