An update was provided to participants on the proposed revision of URBPO.
As was explained, a previous mandate had been given to proceed with a revision of URBPO in order to incorporate the buyer and seller and to take note of emerging technologies.
During this session, it was outlined that, pursuant to a detailed analysis, it had been determined that such an approach would actually do little to encourage further utilisation of URBPO.
As such, the Working Group had received approval from the ICC Banking Commission Executive Committee to proceed with the drafting of a new set of rules that will be agnostic in nature with regard to the technology that will be used to facilitate the widespread digitalisation of trade finance. Such approval has been given, subject to clearer justification of what is driving the market to require this solution.
As this topic progresses, we shall provide further updates.