Tag: david vermylen

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.

CT talks to David Vermylen, global credit manager, petrochemicals, at BP and Ashutosh Kumar (pictured), global head of trade product development at Standard Chartered about BP’s decision to conduct a unique end-to-end automated trade finance transaction.