Blog

Re-cap:

On 6 June 2017, the ICC Banking Commission launched a Working Group to anticipate and accompany the digitalisation of trade finance.

A core activity, as clearly stated in the terms of reference:

• "evaluate ICC rules in order to assess e-compatibility and ensure they are ‘e-compliant', i.e. enabling banks to accept data vs. documents (i.e. review fitness for purpose of the e-UCP)."

The Banking Commission Executive Committee subsequently authorised the Steering Committee of the Digitalisation Working Group to proceed as below:

• Update the existing version 1.1 of eUCP in order to ensure continued digital compatibility.
• Draft eURC version 1.0 in order to ensure continued digital compatibility for presentation of electronic records under Collections.

Over 1,300 comments were received in respect of the initial draft of the rules. The 2^nd drafts were sent out in March 2018 and approximately 230 comments were received by the time of the deadline, 25 May 2018.

Based upon the responses, the Drafting Group commenced a fresh re-drafting process, culminating in a 3^rd draft of the rules being sent to ICC National Committees in July 2018, with a deadline of 28 September 2018 to respond. 

Dave Meynell will give a presentation on feedback, together with an overview of next steps, at the Tbilisi Banking Commission meeting in October 2018.