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Bank Payment Obligation (BPO) using electronic documents

28/04/2015 To date, BPO transactions have been completed based on the submission of data extracted from paper documents.

On 17 April, essDOCS announced the successful conclusion of the first BPO transaction involving the completely electronic submission of data. For details Click Here

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Latest Question

When the remitting bank’s charges are to be borne by the drawee, as per URC 522 article 4 (b) (viii) “charges to be collected, indicating whether they may be waived or not”, the remitting bank must indicate such information on the collection instruction and indicate whether they may be waived or not. When the remitting bank’s charges are to be borne by the principal, the collection instruction would not show their charges. When the collecting bank’s charges are to be borne by the principal, as per URC 522 sub-article 21 (c) “In all cases where in the express terms of a collection instruction or under these Rules, disbursements and/or expenses and/or collection charges are to be borne by the principal, the collecting bank(s) shall be entitled to recover promptly……”, the remitting bank should indicate such information on the collection instruction Question: When the collecting bank’s charges are to be borne by the drawee, must the collection instruction indicate such information? In other words, if not, i.e., the collection instruction is silent with regard to the collecting bank’s charges, the collecting bank may collect their charges from the principal and deduct their charges from the payment. Is it reasonable?