Headquartered in the United States with Associate Directors in Singapore and Ireland and Associates and Fellows in more than 15 countries, the Institute sponsors, undertakes, and cooperates in projects, programmes, and publications intended to harmonize letter of credit law and practice.

Since its formation in 1987, the Institute has been a leading force in the letter of credit world, bringing together bankers, lawyers, regulators, academics, and corporate users in forums and educational events. It has formulated widely used practice rules, worked with leading organizations, published books, and conducted highly influential programmes. The Institute has worked with organizations such as the UN Commission on International Trade Law, SWIFT, BAFT-IFSA, the International Chamber of Commerce, ICC National Committees in more than 15 countries, and various trade organizations and academic institutions around the world.

The Institute has also been at the forefront of combating commercial fraud. It seeks to encourage the exchange of information and proactive educational activities.