Home About us Pay subscription Contact

Register

News

News Categories
Recent News

News by Month

Autumn & Winter 2014 Newsletter added to Members section

10/12/2014 A new newsletter has been added to the members section providing details of some of the issues discussed at the ICC Banking Commission meeting held in Istanbul on 5 and 6 November 2014. These include an overview of the Opinions that were approved.

Back to recent news

Recent News

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

Winter 2023-2024 Newsletter added to the Members Trade Information section 01/02/2024

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

Latest Question

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?