ICC Regional Banking Commission MENA Launches URBPO with Dubai Chamber of Commerce and Industry
The Dubai Chamber of Commerce and Industry in partnership with the International Chamber of Commerce’s Regional Banking Commission Middle East and North Africa (MENA), held a regional launch of the ICC Uniform Rules for Bank Payment Obligation (URBPO) at its Dubai headquarters on Monday June 24, 2013 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.
What is a BPO?
A Bank Payment Obligation or BPO is an irrevocable undertaking given by a bank to another bank that payment will be made on a specified date after successful electronic matching of data according to an industry-wide set of rules – the URBPO.
eBSI with China Systems has developed a short simulation of the BPO Process which can be viewed at http://www.chinasystems.com
An article on URBPO by Khalil Matar can be found later in this e-magazine.