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UN endorses ICC Uniform Rules for Forfaiting (URF 800)

23/08/2017 At its 50th plenary session held in Vienna on 14 July, the United Nations Commission on International Trade Law (UNCITRAL) officially endorsed the ICC publication 800 "Uniform Rules for Forfaiting" (URF 800).

See here for the ICC web story UN endorses ICC Uniform Rules for Forfaiting .pdf

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We have received a credit with field 41A as follows: XXX BANK/BY NEGOTIATION. Field 49: CONFIRM and Field 78 states that the issuing bank will cover the confirming bank upon credit comply docs received at the issuing bank's counters. Are the details in field 78 structured correctly, or should this field state that the issuing bank will pay—based on an MT 754 message, in accordance with the maturity/value date conditions given in the credit— upon the presentation of documents complying with the credit at the counters of the confirming bank?