The International Standard Banking Practice (ISBP), first approved by the ICC Banking Commission in 2002 (Publication 645), updated in 2007 (Publication 681), and again in 2013 (Publication 745), has developed into an invaluable aid to practitioners of documentary credits, on a global basis. ICC Banking Commission members and overall users of the rules have indicated the need for rules aligning with current trade finance practices and it would be appropriate to acknowledge that a major contributing factor has been the application of the practices detailed in the ISBP.

As announced at the Plenary Meeting in Paris on 20 October 2022, the Banking Commission SteerCo, in response to feedback from National Committees, established a Working Group in order to initiate a limited review of the ISBP 745.

This review merely ensured alignment between previously approved texts, and allowed for all relevant material to be contained in a single publication. The outcome of this review is the ISBP 821.

The content of the ISBP (Publication 821) rules can be found now in the Trade channel of the Digital Library here.