What’s at Stake for Business
- Business will benefit from increased efficiency and accuracy when guidelines reflect evolving practices and
- Standardizing trade finance procedures will ensure that parties to transactions are operating under the same assumptions and will increase the likelihood of payment.
- ICC rules and guidelines on documentary credits, UCP 600, are the most successful privately drafted rules for trade ever developed and serve as the basis of $2 trillion worth of trade transactions a year.
- Increase the efficiency and decrease the cost of international trade transactions.
- Ensure greater clarity and understanding of current practices by promoting the adoption and integration of the ICC’s Uniform Rules for Demand Guarantees (URDG), as well as the Uniform Customs and Practice for Documentary Credits (UCP 600).
- Develop a global set of forfaiting rules for both the primary and secondary markets.
USCIB At Work
USCIB works hand in hand with the ICC Banking Commission, the most authoritative voice in the field of trade finance, and works to overhaul the rules in a number of different fields such as international standard banking practice and forfaiting. The ICC Banking Commission also covers work in the following areas:
- Traditional Trade Services
- Open Account and Supply Chain Financing
- Global Regulation
- Legal and Compliance Issues
- Risk and Asset Management
Recent Advocacy Engagement
USCIB works through the ICC Banking Commission to produce universally accepted rules and guidelines for international banking practice and helps policymakers and standard-setters put programs and regulations in place that enhance business practices around the world. USCIB also:
- Facilitates the rapid settlement of disputes arising in banking by working through the ICC Banking Commission to administer the ICC Rules for Documentary Instruments Dispute Resolution Expertise (DOCDEX).
- Responds to member inquiries regarding suspected cases of attempted financial fraud using falsified or illegitimate financial instruments or banking practices.
- Ensured that U.S. opinions were reflected in the ICC Banking Commission’s global surveys on trade finance and that the U.S. opinions on Capital and Liquidity guidelines are reflected in the ICC Banking Commission’s white papers and other advocacy initiatives.
Who We Are
The USCIB Banking Committee is composed of USCIB member companies representing a range of business and industry sectors. Advocacy priorities are determined that reflect consensus among the members.
The Committee promotes the standardization of international banking and commercial practices and procedures. Members of the USCIB Banking Committee are eligible to participate in the ICC Banking Commission, the preeminent global forum and rule-making body for the international trade finance community.