Tag: icc

The principles published by the International Chamber of Commerce (ICC) will help provide standardised guidelines for trade finance products.

Inability of various technology platforms to communicate with each other securely and lack of scale are obstacles to greater digitization, say bankers.

The unmet demand for trade finance services yawns widely reaching more than $1.6 trillion. The ICC concludes banks alone will not solve this desperate issue.

Corporate treasurers must play a crucial role in getting capital to flow smoothly along supply chains

Reliance Industries, Aditya Birla Group, and Bharti Enterprises rushed to make a deadline to apply for bank licences in India; China's State Administration of Foreign Exchange has expanded pilots for cross-border foreign exchange; and the Reserve Bank of India has secured FATCA exemptions for small India banks.

With a wide-range of disparate terms that sit under the umbrella of supply chain finance, the ICC has decided to create standard terminology.

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.

It is time for the ICC to adopt fairer and more equitable practices for distributing its key trade guidelines.