UCP 600

This article was originally published in Documentary Credit World (DCW), published by the Institute of International Banking Law & Practice.

Uncover the truth behind the hype of Generative Artificial Intelligence (GenAI) and its implications for trade finance.

Discover how UCP rules shape Standby Letters of Credit, making global trade smoother and more reliable for finance pros. Read more here.

Letters of credit remain a core part of documentation in international trade. Despite the ease in cross-border payments facilitated by fintech companies, letters of credit continue to present themselves as indispensable documents in trade finance. 

Learn about SBLCs: an irrevocable, independent financial security instrument to protect your investments and liabilities.

In order to communicate with each other, banks use a messaging system called SWIFT (Society for Worldwide Interbank Financial Telecommunication), which provides a standardized and secure way to exchange information. There are several different types of SWIFT messages that banks use for various purposes.

As Contour, the last-standing global trade finance project built on DLT moves to its next stage, we should be honest about what this speed bump means for trade, trade finance, and blockchain. 

The International Chamber of Commerce (ICC) has announced the update and alignment of three critical banking rules following a mandate from the ICC Global Banking Commission members in October. The… read more →

The ICC has unveiled eUCP Version 2.1, an alignment of the eUCP with the UNCITRAL MLETR

Trade and export finance expert Domenico Del Sorbo’s take on how to prepare the “draft” in accordance with the letter of credit conditions and provisions.

UCP 600 article 2 states that a “Complying Presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice.”

Though an important instrument in international trade, letters of credit are complex, and their definition can cause confusion….

At the IIBLP’s Dubai Trade Law & Compliance Conference held in Dubai on 15 March 2022, one of the panellists referred to the Solo Industries fraud in a panel discussion addressing the recent Singapore case, Credit Agricole Corporate & Investment Bank (CACIB), Singapore branch v. PPT Energy Trading Co.

To learn more about this latest surprise under the tree, Trade Finance Global’s Deepesh Patel spoke with Geoff Wynne, partner and head of the Trade & Export Finance Group at Sullivan and Worcester.

Since the UCP 600’s adoption in 2007, concern has persisted over what the Article 35 rule actually requires of an LC issuer if documents get lost in transit between banks.