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Spring 2024 Newsletter added to the Members Trade Information section

30/04/2024 The latest newsletter is now available in the members trade information section under the category of 'Newsletters'. This newsletter contains details of the 2 ICC Opinions that were approved at the ICC Banking Commission meeting held on 9 April 2024.

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Recent News

Spring 2024 Newsletter added to the Members Trade Information section 30/04/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

Automated Document Examination and Financial Crime Risks managed by AI 28/02/2024

For almost two years now I have been acting as a consultant to a company called Complidata who are based in Belgium...more

Latest Question

We have received an MT710 and it states IRREVOCABLE ADDING OUR CONFIRMATION. First advising bank is also the reimbursing bank and it has issued its IRU but it has attached it in field 47A and not sent any separate MT799 to us. It also states that we can claim reimbursement value 5 banking days from them. Field 47A also authorises our bank to add confirmation thereby acting as the second confirming bank. Field 78 states that upon receipt of credit complying documents we can claim from reimbursing bank. LC is available by PAYMENT. My question is: 1. Do we need a separate MT799 from the reimbursing bank stating that they have issued their IRU? 2. Can the IRU issuing bank add any buffer days in it's text on it's own without consent of issuing bank? 3. Should Field 78 also state 5 banking days as mentioned in the IRU or it is a contradiction? 4. Whose instructions shall we follow?