«The ICC Banking Commission, the leading standard-setter for the trade finance industry, and BAFT, the international financial services association have agreed a cooperation agreement to improve consumer services and strengthen the global voice of the industry.
One of the main objectives of the agreement is to streamline certain workflows across both organizations and leverage each other’s strengths. Initial areas of cooperation will include: (1) Establishing global supply chain finance definitions; (2) Adopting standardized industry documentation, including the BAFT Master Loan Agreement and the ICC Rules for Bank Payment Obligations; (3) Increasing awareness of industry initiatives, such as Sustainable Trade Finance; and (4) Coordinating industry surveys.
Through this unique partnership, ICC and BAFT will collaborate on facilitating domestic and cross-border trade by harmonizing definitions and business practice. “BAFT and ICC are quite complementary to each other in serving member interests in trade finance,” said Tod Burwell, BAFT President and Chief Executive Officer. “For example, ICC has developed standard transaction rules and BAFT has developed standard frameworks for customer agreements. Also, BAFT routinely referenced the ICC Trade Register as part of its global policy dialogue to influence change in the treatment of trade finance under Basel III.” …»