Passed by ICC Banking Commission by Big Margins, National Committees Voted “YES” for both
Voting on 17 April, 2013 – Lisbon, Portugal’s ICC Commission on Banking Technique and Practice officially ushers in the start of a new era of trade finance.
By a vote of 82 to 0, ICC National Committees voted to adopt the Uniform Rules for Bank Payment Obligation – URBPO. The official launching of URBPO was held on 17 May, 2013.
A significant voting majority (87 to 1) also approved the 2013 revision of International
Standard Banking Practice (ISBP 2013). There is no implementation date. Now that it is approved, the expectation of ICC is ISBP reflects practice under UCP 600 and parties should already be employing it in their daily activities.