Owing to the pandemic, eUCP Version 2.0 and eURC Version 1.0 rules created by the ICC have received increased interest over the past few months. There is a growing realisation by practitioners that paper documents are causing delays and disruption.
ICC has taken the lead to keep trade moving during the Covid-19 pandemic by publishing the eUCP and eURC eRules guidelines for faster and efficient trade transactions.
The Buyer’s Request for Quotation (RFQ) and the responding Seller’s Quotation (QTO) need not be a kabuki dance event that only creates the appearance of engaging in a transaction.
Many new fintechs are fielding trade transaction cloud platforms that combine video technology with non-bank trade finance that is going to fill the vacuum created by the banking industry.
With the Covid-19 pandemic, our paper-based trade finance settlement system suddenly stopped working. It is about time businesses adopt paperless and digital workflow to safeguard trade finance operations.
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.