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ICC report “Reconceiving the Trade Finance Ecosystem”

18/11/2021

The ICC today released a new roadmap which has been published to reconceive global trade finance for a more sustainable and inclusive global economy

To download the report, please click here.

The report is based on a year-long effort by the ICC’s Advisory group on Trade Finance to raise awareness and address the challenges facing micro, small and medium sized enterprises (MSME), particularly in the emerging markets, in accessing the trade finance needed to support their growth and the global recovery. It is based on over 150 interviews with end-users and subject matter experts in 12 countries, and an ideation and review process covering leaders from trade, finance and technology.


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Latest Question

ISBP 821 PRELIMINARY CONSIDERATIONS paragraph (viii) states: A request to insert the credit number on a document is usually at the instigation of the issuing bank in order to facilitate the collation of documents should one or more documents become detached from the presentation. Provided all the stipulated documents are received by the issuing bank, the absence of a credit number or the mistyping of that number on a document does not constitute a reason for refusal. The exception to this position is where it is a requirement of the importing country that the credit number be stated on one or more documents. In such circumstances, the credit must clearly indicate that this is the reason for the number to be shown on that or those documents. Question: In my opinion, where the credit ONLY calls for “All documents must show the credit number”, which is at the instigation of the issuing bank in order to facilitate the collation of documents, the above texts apply. When the credit stipulates the following clauses, which is not at the instigation of the issuing bank in order to facilitate the collation of documents, the above texts do not apply: 1. “All documents must show the issuing bank’s name, credit number and issuance date”; 2. “All documents must show the credit number and issuance date” 3. “All documents must show the credit number except the cert of analysis”; 4. “The cert of analysis must not show the credit number except other documents”; 5. “The cert of analysis must show the credit number”; 6. “All documents must not show the credit number”; 7. “All documents must show the credit number at the request of the applicant”; 8. “All documents must show the credit number for the reason: XXXXXX”. Please confirm.