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Voting ICC National Committees Overwhelmingly Approve Revised eUCP, eURC.
During last week’s 2019 ICC Banking Commission Annual Meeting in Beijing, the ICC announced on 11 April that its National Committees have voted to approve final text of an eUCP revision (eUCP Version 2.0) and final supplemental text of the URC 522 to allow for electronic records to be submitted under a collection instruction (eURC Version 1.0).
Of 82 ICC National Committees, 49 ICC National Committees cast votes before the 22 March deadline. eUCP Version 2.0 gained 100% approval and eURC Version 1.0 received 97.5% approval, with only India dissenting.
In Beijing, ICC informed that both supplements will enter into effect 1 July 2019. ICC also indicated that both eUCP Version 2.0 and eURC Version 1.0 will be available for free (date to be determined). DCW originally reported on this story here.
The Steady March towards a Digital Future Continues
Digitizing the eURC and upgrading the eUCP to more effectively fit with today's practices and standards reflects the sea change the trade finance industry has been undergoing in recent years. With major banks and national organizations involved in the Blockchain space, and the increased interest in AI fueled banking, this approval by ICC National Committees is unsurprising.
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