Citibank Lauds International Chamber of Commerce Banking Commission Vote to Adopt the International Standard Banking Practices for the Examination of Documents Under Documentary Credits.Business, High Tech Editors STAMFORD, CONN.--(BUSINESS WIRE) Nov. 14, 2002 - Citibank(R) e-Business, a division of Citigroup, the premier financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company (NYSE NYSE See: New York Stock Exchange :C) today announced their support of the International Standard Banking Practices for the Examination of Documents Under Documentary Credits (ISBP ISBP International Standard Banking Practice ), a new official publication of the International Chamber of Commerce approved by the Banking Commission at their recent meeting on 31 October. Thirty-two countries voted for and three against adoption, evidencing both the need for and readiness to embrace a consistent global approach for document examination. Citibank Vice President Donald R. Smith co-chaired the International Task Force which spent over two years collecting information, identifying and reviewing international practices, drafting easily-readable language for the publication and responding to input from ICC ICC See: International Chamber of Commerce national committees. Ten nations were represented on the Task Force whose members should be commended for their expertise, dedication and spirit of teamwork consistently exhibited over the length of the project. "The adoption of ISBP as an official publication of the ICC represents a true win-win-win situation for all parties involved in the Letter of Credit business," said Smith. "Exporters win by knowing how to prepare their documents correctly, thereby speeding payment and reducing cost. Importers win by receiving documents quickly and reducing or eliminating demurrage A separate freight charge, in addition to ordinary shipping costs, which is imposed according to the terms of a carriage contract upon the person responsible for unreasonable delays in loading or unloading cargo. costs and banks win by handling documents one time only instead of returning them to the beneficiary to correct any discrepancies," he concluded. The ISBP does not amend the Uniform Customs and Practice for Documentary Credits Introduction The Uniform Customs and Practice for Documentary Credits (UCP) is a set of rules on the issuance and use of letters of credit. The UCP is utilised by bankers and commercial parties in more than 175 countries. (known as UCP (Universal Communication Platform AG, Lugano, Switzerland) A software company that specialized in mobile phone services, founded in 1999 by Christian Lutz and Marwan Saba. Its offerings included SMS voting and mobile marketing tools, photo messaging platforms and custom applications for 500), but rather explains how Letter of Credit practitioners around the world apply the practices articulated in the UCP 500. Citibank is one of the world's leading global trade finance and services providers and frequently hears from importers/exporters about the frustrations, costs and delays experienced when dealing with many different banks in different countries that view examining Letter of Credit documents from a local perspective instead of a global one. "Exporters, carriers, freight forwarders An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. and consolidators, literally anyone who prepares, examines or receives documents in a Letter of Credit transaction can now have a reasonable expectation of a consistent global approach to document examination," said Smith. The ISBP will be available from ICC Publishing in the first quarter of 2003. About Citigroup Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citibank e-Business Citibank(R) e-Business is a leading global provider of integrated cash management, treasury, trade finance and e-commerce solutions to multinational corporations
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion