Category Archives: IIBLP News

SWIFT MT Category 7 Changes: Who’s Ready?

IIBLP_SWIFT update Mandatory SWIFT MT Category 7 changes are fast approaching that will impact letters of credit. Changes to the 700 series for documentary credits will come in November of 2018, and November 2019 for the 760 series (demand guarantees & standby LCs). At last month’s IIBLP Read more

Singapore Introduces Blockchain-Based eCO

IIBLP - Singapore Blockchain eCO

The First Blockchain eCO

In another claimed blockchain-related breakthrough, on 9 May 2018 the Singapore International Chamber of Commerce announced it’s become the world’s first chamber to offer a blockchain-based e-Certificate of Origin (eCO) platform to support the digitalization of trade.

The Certificate of...

Read more

UCP600 is Here to Stay – Now What?

UCP600 Revision Off the Table

It is no secret to the trade finance community that the Uniform Customs and Practices (UCP600) won't be revised anytime soon. The ICC Executive Committee released a paper over six months ago detailing the results of votes held with National Committee members in...
Read more

FinCEN to Amp up Info Sharing with Program Launch

FinCEN to Bolster Public-Private Cooperation

Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, has taken a major step toward strengthening public-private partnership in efforts to combat financial crime with launch of FinCEN Exchange.

“FinCEN Exchange will bring together...

Read more

Authenticated SWIFT Messages in LC Transactions

SWIFT Messaging

Key Court Case for SWIFT Authentication in LCs

The subject of extensive discussion at the recently concluded 2017 Americas Standby & Guarantee Forum in New York City, the 2001 case of Industrial & Commercial Bank Ltd. v. Banco Ambrosiano Veneto S.P.A....

Read more