As regular readers will be aware, the ICC launched a Working Group on Digitalisation in Trade Finance in 2017 to serve as a coordinating body for all work related to digitalisation in trade finance undertaken by the ICC Banking Commission.
This has since evolved as probably the most active of all the Working Groups within the Banking Commission.
At this stage, the Working Group consists of two main workstreams, ICC Digital Rules & Practices, and the Acceleration of Digital Adoption.
Whilst this blog will concentrate on the Digital Rules, below is a summary of the actions completed or in motion with regard to the acceleration of digital adoption (a separate blog will be available in due course):
- Roadmap & Communications: developing guidance for digital advocacy.
- Rapid response measures by trade finance banks during a pandemic.
- Government alignment to MLETR (UNCITRAL Model Law on Electronic Transferable Records).
- Accelerating adoption of legal frameworks.
- Legal status of electronic bills of lading.
- Guidance paper for FinTech adoption.
- Catalogue of Trade Finance API's.
Significant work has also been achieved by the Digital Rules & Practices workstream.
eRules (eUCP Version 2.0 & eURC Version 1.0)
- All existing ICC rules evaluated in order to ensure digital applicability with regard to electronic records and documents.
- Release of rules in July 2019 together with supplementary guides for both sets of rules.
- Enhanced Users Guide to eUCP Version 2.0 published March 2021 (will be addressed in a separate blog).
- Extension ofawareness activities in order to support an enhanced adoption strategy of the rules, particularly eUCP Version 2.0.
URDTT (Uniform Rules for Digital Trade Transactions)
- Developinga high-level framework for rules and obligations covering the use of Electronic Records to process Digital Trade Transactions.
- Comments in respect of the 5thdraft of the rules are currently under review.
- The aim is for the next draft to be the final version.
- A separate blog will examine the contents of the rules in more depth.
Commercialisation of ICC Digital Rules
- Recently established in order toevaluate the challenges and ideas to drive commercialisation /adoption of all ICC Digital Rules.
- Comprehensive plan expected during Q3 2021.
- We will keep you update with any key developments.
Automation of Document Examination under Documentary Credits
- Production ofa set of clear guidelines on how trade finance document checking can be automated using new technologies.
- An activity update will be the subject of a separate blog.