Bank Payment Obligation, An ICC-SWIFT endeavour

SWIFT, the financial messaging provider for more
than 10,100 financial institutions and corporations in
210 countries, and the Banking Commission of the
International Chamber of Commerce (ICC) have joined
forces to develop and adopt an industry-wide standard:
The Bank Payment Obligation (BPO).

Trade finance being a critical banking service supporting
the world economy, it is vital that the industry aligns
on enhanced rules and tools in support of trading
counterparties, great or small. The ICC Banking
Commission views the development of the BPO rules and
the related ISO 20022 messaging standards as strong
foundations for banks to provide modern risk
and financing services aligned with today’s
technology evolution. Read More