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Spring & Summer 2016 Newsletter now available

17/05/2016 Members can find the latest newsletter in the Members Trade Information tab of the website. The newsletter contains an overview of the Opinions that were approved at the ICC Banking Commission meeting held in Johannesburg in April.

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Recent News

New platform for conducting Bank Payment Obligation (BPO) transactions 19/11/2019

In our news item of 7 May 2019, we reported that SWIFT had decided to decommission their Trade Service Utility (TSU) platform and transaction matching application with effect from December 2020...more

ICC issues supplement to the Commentary on eUCP Version 2.0 and eURC Version 1.0. 18/11/2019

The eUCP 2...more

Latest Question

The issuing bank sent an MT799 acceptance message to the nominated bank undertaking to remit the proceeds on 8 November i.e., the maturity date. On 8 November, the issuing bank's trade finance department sent an MT202 through their correspondent bank for further credit to the nominated bank as per their instructions. However, the SWIFT unit processed the message at 7.30pm and the correspondent bank could not process the transactions due to their cut-off time and the nominated bank received the amount on 11 November (9 and 10 were a holiday). Now, the nominated bank is claiming delay payment interest for 2 days. Is the issuing bank liable to reimburse the interest?