ICC Digital Library Forum

Credit has the following instructions to the negotiating bank: -

'Upon negotiation, please advise us 3 business days before SWIFT claim in order that we
can make coverage'

Upon negotiation, we sent a SWIFT message to the issuing bank on the very day. On the third business
day we proceeded to claim on the reimbursing bank, a third bank.

We would like to know if we are on the right track as someone mentioned we should have submitted our reimbursement claim right on the day of negotiation asking them to pay us value 3 business days.

Thank you.

Is the reim claim subject to URR 525? If not, these comments will still apply.

A reimbursing bank is allowed a reasonable time, not exceeding 3 banking days, to process claims (ARt 11ai of URR 525). If you claim on the day you want to be paid it is unlikely (but not impossible) that you will receive payment that date. You should have claimed reimbursement on the date you sent the advice to the issuing bank putting the same value date in your claim.

In answer to yr query, yes the reimbursement is s.t. URR525

Thank you.