Standard Chartered Bank has facilitated an end-to-end automated trade finance transaction with the bank payment obligation (BPO) through its Straight2Bank platform. The first BPO transaction carried out was by BP’s petrochemicals business. This transaction heralds a new era of greater efficiency and paperless trade settlement.
David Vermylen, global credit manager, petrochemicals, BP said: “The BPO programme offers us a number of efficiency benefits through reduced document handling and lower confirming costs, and by conducting business with less paper compared to traditional letters of credit [L/Cs].”
Launched by SWIFT, the BPO is an effective payment undertaking between banks that payment will be made on a specified date after a successful electronic matching of data according to industry-defined ISO 20022 message flows.
André Casterman, head of banking and trade solutions, SWIFT, said: “Getting paid on time is a key requirement for any exporter, whether dealing on L/Cs or open account. Standard Chartered is bringing the promise of the ICC/SWIFT cooperation and the new BPO instrument to the corporate market. For the first time ever, transactions are being processed in a fully automated mode.”
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