In response to practitioner requests, the ICC Banking Commission recently released a supplement to the ‘Commentary on eUCP Version 2.0 and eURC Version 1.0' (eRules).
This supplement includes further handling guidance in respect of the utilisation of the eRules from a number of perspectives:
In addition, reference has been made to a few generic issues that require consideration when handling documentary credits subject to the eUCP, from the perspective of applicants, issuing banks, nominated banks, and beneficiaries.
The same has been added for eURC, from the perspective of principals, banks, and drawees.
Other issues that have been addressed include formats, electronic addresses, authentication, electronic signatures, data processing systems, and standards with respect to all of these issues.
The supplement ends with a note of SWIFT MT700 fields which require particular attention for eUCP credits.