Posts Tagged ‘EUCP’

In the wake of the ICC Uniform Rules for Digital Trade Transactions (URDTT) due to publish next month in October, we explore the meaning of a digital trade transaction – underlying assumptions, regulatory framework and future expectations.

The need for trade digitization has never been more prevalent than it is today, especially with pandemic-induced restrictions emphasizing the inefficiency of paper-based trade. Our Editor, Deepesh Patel sat down with Contour’s CEO and Chief Product Officer, as well as TradeLens’ Head of Strategy and Operations, to discuss how fintech can come together to partner to solve these problems.

The District Export Council of San Diego and Imperial Valley (SDIDEC) has sponsored the first workspace for ICC eRules guidelines for digital trade transactions.

Has digital trade finally arrived with the ICC eRules guidelines? John Dunlop explains how this might be true.

The International Chamber of Commerce (ICC) Banking Commission recently announced a single Steering Committee for its work on trade, supply chain and export finance, comprising one Chair and 12 Vice-Chairs.

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.

In this article, John Dunlop takes a look at a documentary trade payment (DTP) and whether it can be substituted for a documentary collection using UCP rules.

The Covid-19 pandemic is accelerating trends and technologies that came online before January 2020 and were just getting traction.

With electronic document rules in place, it is now the role of key players and regulators to go ahead and enable trade finance to take advantage of digital innovation.

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.

EIPP in combination with blockchain can help banks avoid duplicate Invoice Financing and perform dedupe effectively.

Only through collaboration and interoperability with other key technologies like AI, RPA, and the IoT will the path of consortia be effective in making trade finance truly digital.

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.

There is a common miss-conception that four or five multiple banks must be involved to manage letter of credit transactions. These multiple banks include credit issuing banks, advising banks, negotiating banks, confirming banks, and reimbursing banks. What is less understood is that these “banks” are functions, not necessarily physical banks. The trade finance functions these banks perform in a transaction can be done by separate banking institutions or by one bank under UCP 600 guidelines (Uniform Customs and Practice for Documentary Credits, ICC Publication 600).

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.