Re-cap on the scope of the revision:
Revision of the URBPO to include the roles and responsibilities of buyers and suppliers, addressing a current deficiency in the URBPO today.
Revision of the URBPO to address conditions within DLT technologies that create obligations.
a. Assemble a team within the BPO sub-group to review the existing URBPO to recommend revisions which will include the buyer and seller within the rules (including but not limited to the four corner model for Supply Chain Finance)
Preliminary work among the drafting team to identify key areas of focus
b. Working with industry initiatives that are exploring distributed ledger technologies (DLT/ Blockchain) to understand and define "conditions" in the envisioned DLT enabled supply chains which would create an obligation to pay, and facilitates financing
Participants in the revision process are also active in DLT proofs of concept (POC)
c. Short-term (by Technical Meeting in October) publish a framework of a revised URBPO which can guide the future developments of digitised trade without delaying the move from experimentation with DLT to scalable programs in market
d. Longer term complete a revised URBPO sufficiently vetted and approved by National Committees including the above criteria
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The Drafting Group has now held a number of meetings, resulting in action points that are in the course of preparation for a wider audience:
A high level overview of progress to date and an outline of next steps will be provided at the Tbilisi Banking Commission meeting in October 2018.