Uniform Rules for Transferable Electronic Payment Obligations (URTEPO)

As new technology and legislation ushers in the ability to create electronic payment obligations, ITFA is proud to announce the publication of a unique set of rules covering the transfer of these obligations. We believe that the rules will provide the industry with a robust framework within which to operate with confidence, and enable the modernisation of the traditional forfaiting market. In this context, the rules should be viewed as an evolution of the URF (Uniform Rules for Forfaiting) that were previously published by the ICC in conjunction with ITFA, and that will co-exist since the URF covers paper-based instruments and the URTEPO focuses on electronic obligations.

We encourage our members, and the industry at large, to familiarise themselves with the rules that can be accessed here.

ITFA would like to extend a huge thank you to the team at Sullivan that have been instrumental in keeping the drafting on track, and of course to all the other members of the working group that have managed to bring these rules together in under a year. The debates were frequent and thought-provoking, and we’re therefore confident that the rules will prove to be truly beneficial and fit for purpose for those of you that chose to adopt them.

More information will be provided to those attending today’s seminar in London, which is taking place just before ITFA’s Annual Christmas Party. The session, entitled ‘Creating a framework for the future’, will be held between 15:00 & 15:45. A kind reminder that this in person seminar is available for registered members only. A recording will subsequently be available to members on the ITFA website.