News

ICC issues guide to rapid response measures introduced by banks in response to restraints imposed by COVID-19

27/04/2020

ICC has issued a collection of rapid response measures by trade finance banks to keep trade finance and trade flowing in the face of COVID-19.

Trade and trade finance operations require significant back-office operations to process paper-based transactions. With shipping, in-person contact and travel all increasingly disrupted as a consequence of the COVID-19 pandemic, financial institutions have been putting in place measures to enable transactions and the continuity of trade.

Collating data from ICC, the International Trade and Forfaiting Association (ITFA) and the Bankers Association for Finance and Trade (BAFT), ICC’s Digitalisation Working Group has published a practical reference guide outlining ad hoc practices being implemented by financial institutions in response to the COVID-19 pandemic. Responding institutions span Asia, Europe, the Americas, the Middle East and Africa. They include the top 10 global trade banks as well as other banks actively engaged in trade and trade finance globally.

The guide can be found here


Back to recent news

Recent News

Collyer Consulting 'virtual' Letter of Credit MasterClass 2020 24/07/2020

For many people that are based in the Middle East region, I have been conducting an annual Letter of Credit MasterClass for the last 10 years...more

ICC releases the 2020 Global Survey on Trade Finance incorporating an assessment of the impact of COVID-19 21/07/2020

The International Chamber of Commerce’s (ICC) 11th annual Global Survey on Trade Finance reveals that banks are optimistic about the evolving nature of trade finance, though unsurprisingly expect various industry-wide challenges and disruption as a result of the COVID-19 pandemic...more