Uniform Rules for Bank Payment Obligation (URBPO)
Swift and the ICC Banking Commission have jointly produced a set of rules on Bank Payment Obligation (BPO), which can be defined as an irrevocable conditional undertaking to pay given from one bank to another.
The URBPO (Uniform Rules for Bank Payment Obligation) can also be viewed as an electronic letter of credit and is an alternative means of settlement in international trade. It provides the benefits of a letter of credit (LC) in an automated environment and enables banks to offer flexible risk mitigation and financing services across the supply chain to their corporate customers.
Establish uniformity of practice
The URBPO contractual rules will establish uniformity of practice in the market adoption of the BPO and the related ISO 20022 messaging standards.
Chairman of the ICC Banking Commission Mr Kah Chye Tan affirmed it was vital that the financial industry aligned on improved rules and tools in support of trading counterparties whether large or small. “The ICC Banking Commission views the development of the Bank Payment Obligation rules and the related ISO 20022 messaging standards as strong foundations for banks to provide modern risk and financing services aligned with today’s technology.”
ICC URBPO Regional Launch with Dubai Chamber
- Launched in Dubai, UAE - June 24, 2013.
The International Chamber of Commerce’s Regional Banking Commission Middle East and North Africa (MENA) in partnership with the Dubai Chamber of Commerce and Industry held a regional launch of the ICC Uniform Rules for Bank Payment Obligation (URBPO) at Dubai Chamber headquarters on June 24, 2013.
The regional launch ceremony was attended by Hamad Buamim, Director General, Dubai Chamber, and Deputy Chair, ICC World Chambers Federation, Lakshmanan Sankaran, Chair, ICC Regional Banking Commission MENA, and Thierry Senechal, Executive Secretary, ICC Banking Commission. They were joined by chief financial officers, corporate credit and risk managers, corporate treasurers, bankers, insurers, consultants and vendors active in trade and supply chain finance.
The regional launch of URBPO was followed by a panel discussion giving the corporate perspective and relevance of the new rules and how they will impact businesses in the MENA region. The ICC Regional Banking Commission, MENA, also revealed key findings of its Global Trade finance Survey 2013, which provides a detailed statistical analysis of the regional and global trends in trade finance.
Press Release - Click Here
News Broadcast - Click Here (City7, UAE)
Online training - URBPO
Register now for 4 hours of structured online training in all aspects of the URBPO, from the basic concepts through to a detailed analysis of the rules. The course will help you understand how the new BPO Rules will operate in practice.
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Uniform Rules for BPO
ICC’s URBPO are the first-ever Uniform Rules for Bank Payment Obligations (BPOs), a 21st century standard in supply chain finance that governs Bank Payment Obligations transactions worldwide.
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ICC Guide to the URBPO
ICC’s URBPO are the first-ever Uniform Rules for Bank Payment Obligations (BPOs), a 21st century standard in supply chain finance that governs Bank Payment Obligations transactions worldwide.
ICC Bookstore -Click Here
BPO Documents