The FIT Alliance, formed of BIMCO, DCSA, FIATA, ICC, and Swift, has initiated the “Electronic Bill of Lading Declaration” to enhance the efficiency, reliability, sustainability, and security of global trade through the use of electronic Bills of Lading (eBLs).

ICC and Swift, the global leader in secure financial messaging services, have unveiled the first application programming interface (API) industry standards for bank guarantees and standby letters of credit. The… read more →

A judge in a Canadian court case has ruled that a thumbs-up emoji constituted a legally binding acceptance of a contract, ordering the defendant, who failed to fulfill their end of the deal, to pay more than $82,000 in damages. 

In the geographically dispersed world of international trade finance, efficient communication is crucial. 

This is why the Society for Worldwide Interbank Financial Telecommunication – better known as SWIFT – created its messaging types, which have long served as a means for banks around the globe to communicate and facilitate transactions.

Trade finance plays a vital role in global economic activities, facilitating the movement of goods and services across borders. 

In 1977, as Mr Justice Kerr was coining his often-cited description of the letter of credit as the “lifeblood of international commerce”, the obstruction caused by the use of sanctions in international trade as a weapon of foreign policy would have been difficult to predict. The modern use of sanctions clauses would have been beyond comprehension.

The International Chamber of Commerce (ICC) has announced the update and alignment of three critical banking rules following a mandate from the ICC Global Banking Commission members in October. The… read more →

At ICC Austria’s Trade Finance Week, Trade Finance Global spoke with Isaac Mahanke, group head for traditional trade products at Standard Bank, to shed light on the prevalence and advantages of demand guarantees in Africa. 

Trade Finance Week, a week-long gathering organised by the International Chamber of Commerce (ICC) Austria, has become renowned in the trade finance industry. 

In the shadows of the interconnected world of international trade lies a pervasive threat that silently endangers the security of global markets. Financial crimes, with their detrimental effects on stability and integrity, cast a dark cloud over the world economy, threatening the trust upon which international trade relies. From money laundering to terrorist financing, illicit activities can have far-reaching consequences.