On 10 July 2019, the International Chamber of Commerce (ICC) released electronic supplements to the existing Uniform Rules for Collections (URC 522) and Practice for Documentary Credits (UCP 600) rules.
But despite all these encouraging developments in standards and rules, why is it taking so long for trade participants to agree a common approach? Trade Finance TV talks to David Meynell, Senior Technical Adviser at the ICC Banking Commission and Co-owner of tradefinance.training about the ICC’s roadmap of digital standards.
“The rules have been updated to the digital word to enable us to transact electronically,” says Meynell. He adds, “We had lots of banks, corporates and fintechs helping us develop the e-rules and it is hoped that every single one of those will move forward, just as they did in the paper world.”
Meynell also explains how the IC is developing a framework for digital trade as a whole to meet the standards required, rather than just those linked to specific trade finance products.
For further details on the ICC Banking Commission’s new e-rules surrounding the use of electronic documents, visit https://iccwbo.org/media-wall/news-speeches/icc-banking-commission-releases-new-erules-use-electronic-documents/
To access the Clyde & Co report, The legal status of e-bills of lading, Meynell discusses on the show, visit https://www.clydeco.com/insight/reports/the-legal-status-of-e-bills-of-lading
