Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
Further to a past update on ICC efforts to develop standard API for trade finance instruments in cooperation with SWIFT, ICC has informed of the final work of its dedicated group on standard API for attachments to trade finance instruments.
According ICC Banking Commission Policy Manager Tomasch Kubiak, this latest breakthrough aligns with the previously designed API standards for guarantees and standby letters of credit which serves as a springboard for future attachment APIs applicable to other trade finance instruments, including commercial LCs.
The aim is to standardize the attachment of documents to any trade finance instrument, “covering the entire lifecycle from Issuance request from Corporate, to Bank, Bank issuance (and Re-issuance) & Advising, Amendment & Cancellation & Claims processing”, said Kubiak who added that there has been a concerted effort “to keep the attachment API as product agnostic”.
Since a draft was included in the presentation at issue in ICC Opinion TA.948, it prompts important questions about examination not only under UCP but also under bills of exchange law.
