Uniform Rules for Bank Payment Obligations

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.

BPOs enable banks to mitigate the risks associated with international trade to the benefit of both buyers and sellers. They enable flexible financing propositions across the supply chain, from pre-shipment to post-shipment.

BPO benefits include :

• Mitigating risks in international trade for buyers and sellers alike Speed, reliability, convenience
• Reduced costs and improved accuracy
  Enhanced risk management
• Assurance of payment
• Access to flexible financing
• Securing the supply chain

The ICC Banking Commission has developed the Uniform Rules for Bank Payment Obligations in partnership with financial messaging provider SWIFT to take into account the legitimate expectations of all relevant sectors. Bankers, traders, lawyers and all trade practitioners who deal with BPO will refer to these rules on a daily basis.

1) Article 1: Scope
2) Article 2: Application
3) Article 3: General Definitions
4) Article 4: Message Definitions
5) Article 5: Interpretations
6) Article 6: Bank Payment Obligations v. Contracts
7) Article 7: Data v. Documents, Goods, Services or Performance
8) Article 8: Expiry Date of a BPO
9) Article 9: Role of an Involved Bank
10) Article 10: Undertaking of an Obligor Bank
11) Article 11: Amendments
12) Article 12: Disclaimer on Effectiveness of Data
13) Article 13: Force Majeure
14) Article 14: Unavailability of a Transaction Matching Application
15) Article 15: Applicable Law
16) Article 16: Assignment of Proceeds

• Publishing date: 2013
• Number of pages: 24
• Language: English

• John Bugeja, Head of Trade Sales, Lloyds Banking Group, UK
• Neil Chantry, Global Head of Policy and Compliance, Global Trade and Receivables Finance, HSBC
  Bank plc, UK
• David Hennah, Senior Manager, ex-SWIFT, UK
• Patrick Krekels, Deputy General Counsel, Corporate Legal Department, SWIFT, Belgium
• Robert Marchal, Lead Standards Specialist, SWIFT, Belgium
• Manoj Menon, Global Head of Trade Service, Innovation & Customer Proposition International Banking, RBS, UK
  David Meynell, Owner, TradeLC Advisory, Ex-Deutsche Bank, UK
• Harriette I. Resnick, Managing Director and Associate General Counsel, Legal Department, J.P. Morgan Chase & Co., USA

OBSERVERS:

• André Casterman, Head of Corporate and Supply Chain Markets, SWIFT, Belgium
• Dan Taylor, Managing Director, Corporate & Investment Bank, Global Market Infrastructures, J.P. Morgan Chase & Co., USA

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