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ICC Releases Technical Advsory Briefing No. 6

13/03/2023 The latest ICC Briefing paper (No. 6 on the subject of ICC Guidance Papers) has been made available by the ICC. The paper, as well as papers 1-5, can be viewed in the following link:

https://library.iccwbo.org/tfb/tfb-briefings.htm

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Principal wants us to contact the collecting bank (Bank A in country X) to instruct them to remit the commercial documents and our collection instruction to another bank in country X (Bank B). Q1. Is the execution by the remitting bank of such instructions sound banking practice? In giving the above instructions, Principal wants / expects Bank A to effectively be removed from the transaction, whereby thereafter Bank B will correspond directly with the remitting bank. Q2. It is not clear to me in the context of URC 522 what role Bank B will have. Will it be that of a presenting bank or a ‘new’ collecting bank? From the viewpoint of Bank B, who is the instructing party, Bank A or the remitting bank? If Bank B considers Bank A to be their instructing party, they will correspond with Bank A (and presumably Bank A will not close their file). Q3. What is the correct way of fulfilling the request of the Principal? Is the only way for the commercial documents be returned by the collecting bank (Bank A) to the remitting bank so that the latter can make a subsequent, fresh remittance to Bank B, or is there another way involving less delay?

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ICC Releases Technical Advsory Briefing No. 6

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