Driving a digital agenda for trade: how the ICC is setting the standard
The ICC may be the organisation that ultimately sets the standards but it is not something that they can do alone.
If you mention the International Chamber of Commerce (ICC) to any practitioner––from a bank or a corporate––involved in trade finance most, if not all, would associate the organisation with issuance of rules.
Certainly, this is true with the ICC having been in the business of ‘issuing rules’ since 1933, when the first version of Uniform Customs and Practice for Documentary Credits (UCP) came out.
This event was monumental, as it introduced order and certainty to those involved in documentary credits and, whilst subsequent versions of the UCP were issued to keep up with developments in the market, it also provided a launching pad for further rules such as the Uniform Rules for Collections (URC) introduced in 1979.
However, as the market has evolved and the drive for digitisation has increased, so too has the ICC needed to ensure that it keeps up with this trajectory.
Read the full article here: https://www.tradefinanceglobal.com/posts/driving-a-digital-agenda-for-trade-how-the-icc-is-setting-the-standard/