The ICC Uniform Rules for Collections (URC522) Supplement for Electronic Presentation (eURC). On 1 July 2019, the revised internet eRules and guidelines for online trade finance documentary collections came into effect for banks, importers, exporters, and freight forwarders to prepare and present electronic records for documentary collections in lieu of or in conjunction with paper documents.
On 1 July 2019, the long-awaited revised internet eRules and guidelines for online trade finance finally arrived for banks, importers, exporters, freight forwarders, chambers of commerce, customs brokers, logistics companies and carriers, to prepare and present electronic records for documentary letters of credit in lieu of or in conjunction with paper documents.
Change is not just coming; change is here today, now. The impact of using electronic trade documents instead of hard copies of bills of lading, invoices, packing lists, and certificates to settle trade transactions via the Internet will be as profound to global trade finance as the containerization of cargo was to logistics.
