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SWIFT and ICC to Collaborate on new “Electronic Letter of Credit”

SWIFT, a financial messaging provider for institutions in 210 countries, and the banking commission of the International Chamber of Commerce (ICC) collaborated on the Bank Payment Obligation (BPO), a new payment tool that can be used between banks and looks poised to enhance, or possibly replace, commercial and confirmed letters of credit. The BPO essentially moves all of the manual ... Read More »