Tag: bp chemicals

Swift has recently published research providing up-to-date details on those running bank payment obligations. At present, 25 corporates are involved in live transactions.

PTT Polymer Marketing Company, a Thailand-based petrochemical marketing and distribution company, has installed a bank payment obligation (BPO) programme.

The first-ever factoring BPO is evidence against the argument BPOs are a tool developed by bankers, for banker’s interests only.

Banks running Bank Payment Obligations, a new Swift-enabled trade finance process, are now all inter-bank capable and automated, while BTMU has leapt ahead with BPO-enabled factoring that led mining giant Vale to substantially reduce days sales outstanding.

UR BPO rules have been unanimously approved by the ICC clearing the way for the first multi-bank, automated deal to occur.

New rules outlining the practice for bank payment obligation (BPO) have been written and will be enforceable in July. Although a handful of BPOs have already been transacted, lack of guidelines prevented many bankers from using the supply chain tool.

David Vermylen, global credit manager of BP Chemicals, on his BPO deals and on what he expects from E-document presentation in 2013.