The best replacement for standby letter of credit is letter of credit.

The best alternatives to standby letter of credit are rated as following:
★★★★★  letter of credit
★★★★  commercial letter of credit
★★★  guarantee
★★★  bank guarantee
★★  irrevocable letter of credit
★★  documentary letter of credit
★  performance bond
★  surety bond
  performance bank guarantee
  financial guarantee
  documentary

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standby letter of credit
letter of credit
commercial letter of credit