The world standards for paper to electronic records
eUCP 600. On 1 July 2019, the long-awaited revised eRules and guidelines for online trade finance finally arrived for banks, importers, exporters, freight forwarders, chambers of commerce, customs brokers, logistics companies and carriers, to prepare and present electronic records for documentary letters of credit in lieu of or in conjunction with paper documents.
eUCP 600 v2.0 highlights:
The eUCPv2.0 supplements ICC Publication UCP 600 in order to accommodate (digital) presentation . . .
The eUCP shall apply where the credit indicates that it is subject to the eUCP (“eUCP credit”).
Document shall include an electronic record.
Place for presentation . . . means an electronic address . . .
Sign and the like shall include an electronic signature.
May be presented in any format, unless specified by the credit instrument.
A presentation requires a Notice of Completeness (new document).
Any requirement for presentation of one or more originals or copies of an electronic record is satisfied by the presentation of one electronic record.
Bank guidelines for issuing eUCP credits.
Documentary letters of credit are already issued electronically as SWIFT MT700 messages. It is the presentation of the required documents that the eUCP Articles provide guidelines for.
The eUCP shall apply where the credit indicates that it is subject to the eUCP latest version. The credit must indicate a place for the presentation of electronic records (email address and/or URL). In addition, it must also indicate the physical location of the issuing bank, and the confirming bank, if any.