Collyer Consulting

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26/11/2024

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

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

Negotiating bank inadvertently claimed the amount after the due date where the issuing bank had provided an authority to the reimbursing bank before the due date. Does the missing out of the negotiating bank claiming from the reimbursing bank preclude the issuing bank from paying delayed interest? Since authority is already available with reimbursing bank and sufficient funding might have already been done and funds were lying with reimbursing bank, can the issuing bank arrange a funding back value or reimbursing bank can pay with back value? In my view, this rule should be re-visited and reimbursing bank should pay negotiating bank on the due date based on the authority and funding from issuing bank instead of waiting for a claim. I do not see any logic of resting responsibility on a bank that financed or makes payment to the beneficiary. Negotiating bank can't be penalized for a human error. Current rule has protection to issuing bank and reimbursing bank, not to negotiating bank who are facilitating funding. Seems not reasonable. Kindly advise.

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26/11/2024

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

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