In July 2019, the ICC Banking Commission released electronic supplements to the existing Uniform Rules for Collections (URC 522) and Uniform Customs and Practice for Documentary Credits (UCP 600) rules, namely eURC Version 1.0 and eUCP Version 2.0. In addition, an article-by-article analysis of both sets of rules was made available.
Over the past year, these eRules, the eUCP in particular, have generated increasing attention as a means to mitigate the issues being faced with the handling of paper transactions. There is a growing realisation by practitioners that paper documents are causing delays and disruption.
Existing ICC rules, such as UCP 600 and URC 522, while being invaluable in a paper world, provide limited protection when applied to electronic transactions. It is inevitable that traditional trade instruments will, over time, inexorably move towards a mixed ecosystem of paper and digital, and, ultimately, to electronic records alone. In this respect, it is important to recognise that the ICC eRules provide many benefits in advancing traditional trade solutions in a digital environment.
With this in mind, the ICC Banking Commission has published an enhanced ‘Users Guide to the eUCP’. Amongst other content, this publication includes an outline of recommended preparations for the usage of the eUCP, along with a more in-depth analysis providing operational guidance.
The Guide can be viewed here eUCP 2.0 User Guide - 2021.pdf
It should be noted that the Guide was written by David Meynell, co-owner of www.tradefinance.training