Although not known by many exporters and importers, the ICC Banking Comission plays a key role in international trade finance.
Most of the international trade finance rules have been written by the ICC’s Banking Commission.
Letter of credit rules, documentary collection rules, standby letter of credit rules,bank guarantee rules and bank payment obligation rules have all been drafted by the ICC’s Banking Comission.
The ICC Banking Commission has identified five work areas that are key to its success.
Area 1 – Traditional Trade Services
This service line includes the traditional rule-making activities of the Banking Commission, in particular:
- Uniform Customs and Practice for Documentary Credits (UCP)
- Uniform Rules for Demand Guarantees (URDG)
- Collections, International Standard Banking Practice (ISBP)
- Opinions and Documentary Dispute Resolution Expertise Rules (DOCDEX)
Area 2 – Open Account and Supply Chain Financing
This service line includes projects related to global supply chain financing, in particular the Bank Payment Obligation (BPO) project, and the drafting of guidelines in the fields of open account, factoring and forfaiting.
Area 3 – Global Regulation
This service line handles the relationship with, or projects linked to, the work of international organizations apt to making overarching recommendations to regional or national organizations.
Area 4 – Legal and Compliance
This service line will act as general forum to member banks’ legal and compliance departments.
It has been established for the discussion of topics of interest to the membership, who can recommend action at the Commission or ICC level where needed.
The service line deals with implementation through regional or national laws relating to banking and financial transactions, and acts as legal advisor on any legal and compliance aspect relevant to the work of any of the other four topic areas or any topic selected by the Commission.
Area 5 – Risk and Asset Management
This service line includes credit insurance, assignments and standardization of credit documents, Export Credit Agency (ECAs)/Multilateral Development Banks (MDBs).
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