Letters of Credit

Your Monday morning coffee briefing from TFG, 20th November 2023.

The overreaching arc of sanctions regulations is threatening the certainty of payments guaranteed by the smooth functioning of letters of credit (LC) in international trade. This tension recently played out in the Singapore courts in a judgment handed down recently (Kuvera Resources Pte Ltd v JPMorgan Chase Bank, N.A. [2023] SGCA 28). 

The ISO 20022 format is a set of data and messaging that is integrated into an instant payment or any other cross-border transaction. 

Today, the ICC DSI released their 2023 Key Trade Documents and Data Elements (KTDDE) report. The report outlines 14 key trade documents, going into depth on the definitions, purpose, and legal frameworks.

Your Monday morning coffee briefing from TFG, 30th October 2023.

African Export and Import Bank (Afreximbank) has now established partnerships in its African Trade Facilitation Programme (AFTRAF) with over 80% of Africa’s commercial banks, according to the executive vice president of the Intra-African Trade Bank (IATB), Kanayo Awani.

Digital trade finance platform Contour has announced its closure, citing insufficient funding from its bank shareholders. Operations will cease on November 30, leaving users a brief window to complete transactions and download essential data.

International trade is vital to the growth of income and the country’s economy. It is, however, not possible to carry out any trade devoid of any risks.

Your Monday morning coffee briefing from TFG, 16th October 2023.

Lloyds Bank has introduced a digital solution, which enables clients to obtain Direct Guarantees or Standby Letters of Credit, thereby enhancing the efficiency, safety, and security of their trading activities. … read more →

With the passing of the UK’s Electronic Trade Documents Act (ETDA), the digital trade world is changing. While this is welcomed news for the entire industry, it also means that new partnerships and innovations need to come to fruition.

For ages, correspondent banking has played a vital role in the global payments system. Through correspondent banking relationships, banks gain access to a diverse range of financial products across various jurisdictions enabling them to offer cross-border payment solutions and services to their customers. 

Your Monday morning coffee briefing from TFG, 21st August 2023.

ICC and Swift, the global leader in secure financial messaging services, have unveiled the first application programming interface (API) industry standards for bank guarantees and standby letters of credit. The… read more →

Your Monday morning coffee briefing from TFG, 14th August 2023.