ICC Banking Seminar on International Standard Banking Practice and Uniform Rules for Bank Payment Ob
Tuesday, 28 January 2014 00:00
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The world of trade finance is rapidly changing. While documentary credits remain an important trade finance instrument, new financing mechanisms and approaches are emerging in the field of supply chain finance, open account, international factoring and so on. ICC has taken into account these market changes and has adapted trade products and services accordingly.
The latest addition to the trade product list is BPO (Bank Payment Obligation) that is developed to provide a secure platform to importers and exporters who are looking to capture new markets specially dealing with open account trade that sometime back was considered highly volatile. URBPO is a timely attempt of ICC in collaboration with SWIFT to regulate BPO.
The International Chamber of Commerce Sri Lanka (ICCSL), with a view to supporting the banking sector financing trade that has either little or no knowledge in the new trade instrument that is rapidly gaining global acceptance, have decided to conduct a seminar on URBPO in Colombo bringing in a very knowledgeable and highly regarded professional who is also a member of the panel of experts of ICC Paris. He is none other than Vincent O’Brien, who will be specially flown down to Sri Lanka to conduct the seminar on 14 February 2014 at the Taj Samudra.
A large number of trade finance bankers are expected to participate in this full day seminar. This is the first time that we are bringing in a foreign expert to conduct a seminar on BPO.
The International Chamber of Commerce has updated the ISBP (International Standard Banking Practice) for better examination of documents under Documentary Credits used as a practical tool in day to day operations.
The workshop will be of benefit to officials of commercial banks, exporters and importers as well as professionals in banks, trade finance or risk management departments. It is also of interest to transport companies and their third party service providers who support exporters and importers in international trade. Banking and commercial lawyers will also gain an insight into developments in documentary credit operators and understand how to apply the ISBP and URBPO in practice
In an era where Asia is getting prominence for its trading activities, the supportive role played by letters of credit in financing international trade cannot be forgotten. The Chamber strongly believes that L/Cs will continue to play a major role in the future in Asia. In that sense it is very important for the trading community as well as the banks to know the changes in interpretation of standard banking practice to avoid any pitfalls that will ultimately lead to non payment of their transactions.
