Beyond discussion and finalization of six ICC Opinions at its quarterly Technical Advisory Session on 21 July 2026, the ICC Banking Commission delivered updates on various existing pursuits and brought into focus other new Banking Commission initiatives now underway.
In Memoriam: Roy Goode
Prior to starting its agenda, the ICC Banking Commission first recognized the life and legacy of Sir Royston Miles Goode who passed away 24 June 2026 at the age of 93. Goode, who was Emeritus Professor of Law at the University of Oxford, was instrumental in the world of demand guarantees, having played an integral role in the drafting of URDG 758 and co-authoring “The Guide to ICC Uniform Rules for Demand Guarantees”. ICC Banking Commission Senior Technical Advisor Dave Meynell said Goode was one of the best minds in commercial law whose help was invaluable to the ICC UK Trade Finance Committee. Longtime collaborator Georges Affaki, who knew Goode since 1990, offered an eloquent reflection and remarked that Goode in his advanced years read every word when ISDGP was being drafted.
Technical Advisory Briefings
ICC’s series of Technical Advisory Briefings (TABs) which began in 2022 is freely-available to practitioners and will continue to be a core part of the Banking Commission’s UCP educational push going forward. Two recently finalized TABs – one on Force Majeure; another on Third Party Documents – are being formalized for release. [Now added and available among the TAB collection.] In view of the ICC Opinion TA964 outcome which signalled an urgent need for clarity on the subject of transferable credits, this topic moves to the front of the TAB queue and will be the next taken up by the TA team in the coming months.
UCP & ISBP Action Plan
With no mandate to pursue UCP600 revision nor update of ISBP 821 based on ICC National Committee voting earlier this year, the Banking Commission has transitioned to address the need for guidance. Three working groups designed to focus on discrete facets of UCP have been formed (another re-engineered) and ambitious timetables have been set for meeting benchmarks and deliverables over the next 4 to 18 months.
The recently re-named Digital Trade Finance Standards & Adoption Working Group has numerous working streams already underway, including those concentrating on: Digital Trade & Hybrid Presentation; The eUCP User Experience; and Stablecoins & Digital Identities. The three newly established units, each chaired by two TA team members and comprised of about 25 specialists nominated by their respective NCs, are:
• UCP Clarification & Interpretation Working Group • Transport & Document Practice Working Group • SBLC & Rule Alignment Working Group
Each of these three is expected to submit an initial report outlining key issues, findings, and outputs by mid-October 2026 prior to the next Banking Commission Plenary session.
The Banking Commission has also reactivated its ISBP Education Project. Tasked with developing ways to structure educational content in more robust and visually appealing ways, project contributors will also explore opportunities to expand delivery channels and engage in dialogue with the ICC Publications division about access and affordability matters. The Project will further seek to address chronic issues relating to credits issued with excessive conditions, faulty drafting, ways to achieve more consistent interpretation, and amplifying the importance of ICC guidance resources.
ICC Guidance Note on New SWIFT Optional Fields
SWIFT’s introduction of optional fields for Harmonized System (HS) Code and Incoterms within its Category 7 messages as part of the SWIFT Standards Release 2026 (applicable 14 November 2026) has prompted questions regarding the potential impact on relevant trade finance undertakings. Consequently, the Banking Commission, following consultation with SWIFT, intends to produce a Guidance Note on how these optional messaging fields should be viewed with respect to commercial LCs, demand guarantees, and standby LCs.
AI & ICC Guidance
Mindful of a growing frequency of requests from banks, corporates, and fintech providers regarding the use of ICC practice rules, Official Opinions, and related materials in AI-driven solutions, ICC recognizes the need to undertake work to ensure ICC rules and related information is being interpreted consistently. According to one ICC representative, the concern is high on ICC’s agenda and not solely an area of Banking Commission focus.
Next Meeting
The next ICC Global Banking Commission Meeting will take place in London, 9-11 November 2026. Day 1 is its quarterly Technical Session (a hybrid event), followed by its Plenary on Day 2 (in-person only) and a Day 3 programme on “Next Generation Trade: Innovation, Finance, and Digital Frontier” (in-person only).
