Uniform Rules for Bank Payment Obligations (URBPO)
By ICC Banking Commission (ICC)
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The first ever set of standards on Bank Payment Obligations have just been drafted jointly by SWIFT and the ICC. URBPO lays out rules for payment between banks, a sort of letters of credit between these banks which seeks to establish uniformity of practice in the world market.
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
