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David Meynell provided an update on the current status to the ICC Banking Commission on 6 April 2018.

Based on initial discussions, the Drafting Group provided almost 800 individual comments for review.

Prior to distribution to National Committees, a further 200 comments were provided by the Drafting Group on the pre-drafts of eUCP & eURC.

300+ comments were received from National Committees in respect of the first draft of eUCP Version 2.0 & eURC Version 1.0.

A number of key issues have been addressed and a summary is given below and will be continued in the next blog.

Should this rule adopt the principle of URBPO article 8 and the URBPO definition of ‘UTC'?

• Article 8 - All Data Sets required by an Established Baseline must be received by a TMA no later than 23:59:59 UTC on such expiry date.
• Article 3 - "Universal Time Coordinated" or "UTC" means the international time scale defined by the International Telecommunications Union used by electronic computing and data management equipment, and the technical equivalent of GMT, Greenwich Mean Time, and is the applicable time scale for a BPO.

OPEN ISSUE - UTC is a time standard not a time zone

Alternative wording to be considered for eURC.

• Amend Article e8: Date of Issuance - e8(a) & e8(b)
• New article: Determination of a Due Date
• When a collection instruction consists of only electronic records, it must indicate the due date.
• New article: Release of Electronic Records
• D/DP
• D/P
• Bill of Exchange

OPEN ISSUE - Alternative wording

Is there a reason why the definitions have been structured as they are?

• The original aim was to align definitions with those used in local law.
• However, many legal definitions differ among themselves in formulation if not meaning.
• As a result, the definitions are modelled on the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Electronic Commerce, which is the most widely imitated in eCommerce legislation.

The UNCITRAL definitions are still valid and form the basis for these e-Rules.

Standard formats do not exist - why include this?

• An eUCPcredit/eURC collection instruction must indicate the format in which each electronic record is to bepresented.If the format of theelectronic record is not so indicated, it may be presented in any format.
• Data is only readable if the data processing system is able to recognise the manner in which the data is organised, or its format. Not every data processor can recognise every format into which data can be organised.

If no format is specified in the eUCP credit/eURC collection, it permits the presentation of an electronic record in any format.

It is within the credit or collection instruction that any format issues should be addressed - such an approach is deemed good practice.

Why do the rules not provide guidelines on required data processing systems?

• The eUCP and eURC focus principally on the electronic presentation of documents.
• The rules cannot mandate which platforms/systems are acceptable - the rules must remain neutral in this respect.

The issue of ‘environments/systems/platforms/portals' is not one to be addressed by the rules. 

Why do the rules not include a definition of electronic address?

• Although the eUCPand the eURC do not define or explain the meaning of 'electronic address', the termsignifies the precise electronic location or a proprietary system to which anelectronicrecord can be sent.
• It would include a URL, an email address, or anaddress on a dedicated system.

No need to provide a definition - any relevant requirements will be within the terms of the credit or collection instruction.

This is not a rules issue.

How should electronic records be authenticated?

• The eUCP and eURC do not define 'authenticate'.
• The method of authentication to be used with an eUCP/eURC transaction is intended to be technology-neutral and not to endorse any specific technique.
• The parties to a credit/collection must decide the level and amount of security used to authenticate the message.
• The UNCITRAL Model Law on Electronic Commerce, amongst others, provides a guide to this process.

Various national laws may also impose specific requirements for an electronic record to be authenticated. As such, this should not be an issue for the rules.

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