New Banking Commission Executive Committee Presented in Lisbon, Portugal.
The International Chamber of Commerce (ICC) presented its new Advisory Board and Executive Committee. The introduction of the Advisory Board is in line with the ICC Banking Commission’s objective to remain a relevant and recognized authority within the emerging trade industry and is part of a major overhaul of the commission.
Mr. Kah Chye Tan, who is Chair of the Commission, will also chair the Advisory Board. Mr Dan Taylor, Managing Director, Corporate & Investment Bank, Global Market Infrastructures, J.P. Morgan, will chair the Executive Committee in his capacity as Vice-Chair of the Banking Commission. The Senior Policy Manager of the Banking Commission acts as Executive Secretary for both the Advisory Board and Executive Committee and is delegated the responsibility for the day-to-day management of the commission by ICC. Vincent O’Brien was appointed to the Executive Committee and will continue on as Chair of the ICC Market Intelligence Group.
New Rules Approved – URBPO 750
During the Lisbon Banking Commission Meeting the new Bank Payment Obligation initiative was presented in depth during an education session organised by the ICC and SWIFT. The Bank Payment Obligation is an irrevocable conditional undertaking to pay given from one bank to another.`
The URBPO as the new rules are called 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.