The Covid-19 pandemic is accelerating trends and technologies that came online before January 2020 and were just getting traction.
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.
To advance trade finance’s digital transformation, financial institutions and technology providers alike are ramping up efforts to cooperate through a number of consortiums. But, to ensure these various initiatives do not create a cluster of “digital islands”, a more joined-up approach is required.
The International Chamber of Commerce (ICC) announced that it has accelerated attempts to digitalise of trade finance by releasing two new sets of enhanced rules, Uniform Customs and Practise for Documentary Credits (eUCP) and Uniform Rules for Collections (eURC 522).