Anticipate and accompany the digitalisation of trade finance through a dedicated working group by assessing all ICC rules for e-compatibility and creating a digital ecosystem to enable connectivity and collaboration between stakeholders.
Provide regulatory advocacy on behalf of the industry by interacting with global, regional and national regulators in various fields.
Further develop the trade register to evolve the default and risk-related data collection & analytics.
Engage in advocacy and education aimed at encouraging global adoption of the terminologies for Supply Chain Finance
Make recommendations to the Business 20/G20 process on key issues related to trade finance.
Develop business input on financial crime risks and contribute to the global dialogue with the Wolfsberg Group and the Financial Action Task Force.
Provide timely market intelligence reports on trade finance, including analysis to support ICC contributions on trade finance in key international forums.
Issue official opinions on queries on ICC banking rules on a biannual basis.
Provide business views on export finance issues through the ICC Export Finance Working Group, a representative global platform for Medium and Long Term Export Finance banks.
AREAS OF WORK
Rule-making: ICC Banking Commission produces universally accepted rules and guidelines for international banking practices. ICC rules on documentary credits, UCP600, are the most successful privately drafted rules for trade ever developed, serving as the basis of USD 2 trillion trade transactions a year.
Advocacy: ICC Banking Commission serves as the trusted industry partner for policy makers and regulators to support the development of a sound financial system by helping to translate their vision into concrete programmes and regulations to enhance business practices throughout the world.
Financial Inclusion: ICC Banking Commission engages “unbankable” regions and segments and develops solutions to integrate them into the global financial system.
Publications and Market Intelligence: Used by banking professionals and trade finance experts worldwide, ICC Banking Commission publications and market intelligence is the industry’s most reputable and reliable source of guidance to bankers and practitioners in a broad range of fields.
HOW DOES THE COMMISSION WORK?
Members of the Banking Commission are chosen by ICC national committees who select members from their countries to serve first on their local Banking Committee and then to represent the national committee at the plenary commission meetings.
The ICC Banking Commission produces universally accepted rules and guidelines for international banking practice. ICC rules and guidelines on documentary credits, entitled UCP 600, are the most successful privately drafted rules for trade ever developed, serving as the basis of US$2 trillion worth of trade transactions a year.