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At its October 2023 Meeting, the ICC Banking Commission announced it had gained approval to form a small working group for purposes of evaluating ISBP 821 and reporting the group’s findings to ICC National Committees and Banking Commission members in April 2024.
In a 1 November 2023 blog posting, tradefinance.training co-founders Dave Meynell and Gary Collyer offered their preview of what the ISBP 821 Review will mean to the industry – and what more is needed to enhance ISBP. While Meynell and Collyer predict the review “will prove to be very useful to the industry”, they add that a mere update to the content of ISBP is insufficient. Meynell and Collyer contend that efforts to enhance the publication must identify gaps in the existing ISBP 821, offer recommendations for its improvement, and ensure broader accessibility to ISBP for users around the globe. In these three areas, Meynell and Collyer put forth a number of suggestions for consideration.
Gaps in Existing ISBP – Clarity (target and remedy ambiguous wording and areas within ISBP that may conflict with UCP); Digitalisation (update ISBP and address issues related to electronic documents and digitalisation of trade); Fraud (provide guidance and best practices for preventing and counteracting fraudulent activities); and Expand to non-bankers (expand the utility of ISBP to include guidance and clearer instructions for buyers, sellers, and other non-bank stakeholders).
Improvements for ISBP Enhancement – Ideas for additives to ISBP include: Providing for regular revisions and/or updates; Incorporation of digitalisation guidelines; Enhanced guidance on compliance matters; Clarifying treatment of non-documentary conditions; Incorporation of case studies and examples; Expanding coverage for Standby LCs; and Designing a more user-friendly format.
Practicalities for Global Users – Several avenues are identified as pathways for delivering ISBP, and educating about it, to a larger audience of users. They include: Online & mobile accessibility; Translation services; Collaboration with local institutions; Training programs & customised training materials; Affordability; Government support; Awareness campaigns; and Community engagement.
- tradefinance.training November 2023