ICC Lays Out New Bank Payment Obligation Rules

ICC is set to run a one-off training and official launch of the ICC Uniform Rules for Bank Payment Obligation (URBPO) at its Paris headquarters on 17 May 2013. Using case studies, the event will feature a full public presentation of the new rules, followed by an exclusive training session under the expertise of members of the Rules’ Drafting Group. It will equip participants with everything they need to know to get started using URBPO and its related ISO 20022 standards.

Developed by the ICC Banking Commission in partnership with the financial messaging provider SWIFT and set to come into force on 1 July 2013, the URBPO are an alternative means of settlement in international trade, and an innovative solution in supply chain finance for trade in the 21st century.

Andre Casterman, Head of Corporate and Supply Chain Markets at SWIFT, Belgium and co-chair of the launch event said: “It’s vital in today’s global market that the financial industry align on improved rules and that banks be given strong foundations by which they can provide modern risk and financing services in step with today’s technology.”