We have mentioned this Working Group on a number of previous occasions. It serves as a coordinating body for all work related to digitalisation in trade finance undertaken by the ICC Banking Commission.
Many initiatives are underway. Whilst not all are yet in the public domain, below outlines progress on certain issues.
ICC Digital Rules & Practices
eRules
As is well known, based upon the findings of this workstream, the ICC released in July 2019 the eUCP version 2.0 and eURC version 1.0. An enhanced user guide will be released in the very near future - we will update you accordingly.
URDTT
Currently, work is progressing on the Uniform Rules for Digital Trade Transactions (URDTT), updates on which have been regularly provided in separate blogs. The objective of the URDTT is to develop a high-level framework outlining obligations, rules and standards for the digitalisation of trade finance. The next draft will be released during the course of next week.
Automation of Document Examination under documentary credits
The aim is to Produce a set of clear guidelines on how trade finance document checking can be automated using new technologies. A paper has been distributed to ICC National Committees for comments and the results are currently being analysed.
Accelerating Digital Adoption
Roadmap & communications
The Working Group developed a digital trade roadmap setting out concrete policy changes that will promote the global digital agenda. The roadmap highlights the individual actions that can be taken by ICC, the banking industry and governments. There is an initial focus on adoption by key countries and trade corridors in global trade to adopt the recommendations outlined in the Roadmap.
Legal Adoption
The workstream has released a legal survey on the legal status of electronic Bills of Lading. Current focus lies on advocacy to adopt the UNCITRAL Model Law on Electronic Transferable Records ("MLETR").
Fintech adoption
Aim is to issue guidelines that parties in the trade finance digital ecosystem can use to connect with each other digitally. A first draft of a guidance paper has been completed and is ready for circulation.
APIs Standards for Trade Finance
Intention to develop a catalogue of Trade Finance APIs to be leveraged in the industry.
Other
Other workstreams are under consideration.
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