Trends and Challenges Facing the Banking Sector:

• The banking sector requires standardization of international banking and commercial practice procedures to obtain increased efficiency and to ensure that parties to transactions are operating under the same assumptions to increase the likelihood of payment.
• The banking sector needs decreased costs to international trade transactions.
• Business needs a global set of forfeiting rules for both primary and secondary markets.

USCIB’s Response:

• Promote standardization of international banking and commercial practices, which helps policymakers and standard-setters put programs and regulations in place that enhance business practices around the world.
• USCIB, through the ICC Banking Commission, aims to overhaul the rules in different fields, such as international standard banking practice and forfeiting, as well as in traditional trade services, open account and supply chain financing, global regulation, legal and compliance issues and risk and asset management.

• Ensure members have greater clarity and understanding of current practices by promoting the adoption and integration of the ICC’s Uniform Rules for Demand Guarantees (URDG), as well as the Uniform Customs and Practice for Documentary Credits (UCP 600).
• Facilitates the rapid settlement of disputes arising in banking by working through ICC to administer the ICC Rules for Documentary Instruments Dispute Resolution Expertise.
• Responds to member inquiries regarding suspected cases of attempted financial fraud using falsified or illegitimate financial instruments or banking practices.

Magnifying Your Voice with USCIB:

• USCIB is the only U.S. business association formally affiliated with the world’s three largest business organizations where we work with business leaders across the globe to extend our reach to influence policymakers in key international markets to American business
• Build consensus with like-minded industry peers and participate in off-the-record briefings with policymakers both home and abroad.

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