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ICC releases version 1.0 of their digital trade roadmap

18/11/2019

ICC launched version 1.0 of its Roadmap for Digital Trade in Financial Services at the ICC Banking Commission Annual Meeting held in Beijing from 8-11 April. The aim is to set out long-term industry trends, opportunities, drivers and barriers as well as highlighting the role of the industry, ICC and governments. The on-going implementation work is performed through ICC National Committees with the key countries and trade corridors in global trade to adopt the recommendations outlined in the Roadmap. The document is designed to help the trade finance industry to engage with policymakers in creating rules and standards for digital trade finance.

The roadmap has been intentionally developed with a version number in order that it can be updated regularly.

Version 1.0 of the roadmap can be found here ICC Digital Roadmap

 


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We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.