Joint ITFA / ICC UK consultative session on use of Negotiable Instruments of Title

Our industry has for many years wanted and pushed for an easier way to use bills of exchange and promissory notes as well as bills of lading. Moving away from paper will revolutionise the way we work, reduce costs, speed up operational tasks and open up new markets for financiers. The challenge is no longer technical. The main challenge is legal and we now have the chance to persuade the UK government to change the law in this area.

In addition to the survey which we recently shared and our continuous regulatory watch organised through the ITFA TERA task force, we urge you to share your views and feedback during the upcoming consultative session.

Topic: Joint ITFA / ICC UK consultative session on use of Negotiable Instruments of Title

Date & Time: Tuesday, March 2nd 2021 – GMT 15:00 / CET 16:00 / 10:00 EST

Speakers include:    

• Rebecca Harding, CEO, Coriolis Technologies
• Chris Southworth, Secretary General, ICC UK
• André Casterman, Chair Fintech Committee, ITFA and Member of ITFA TERA task force
• Achille d’Antoni, Member of ITFA TERA task force.

The outcome of those efforts is to drive regulatory advocacy in view of enabling the trade industry to digitise negotiable instruments as part of UK law, as suggested by our DNI Initiative.
 
Sam Sehgal, CEO, Traydstream who was instrumental in setting up the TERA task force in the early days of the pandemic explains: “Moving negotiable instruments to the digital era will bring major benefits for all trade stakeholders including SMEs. We are on the cusp of a major opportunity for the industry and huge transformative change. This is why several jurisdictions are progressing fast on this front, and so is the UK.”
 
André Casterman, Chair Fintech Committee, ITFA adds: “Banks need technologies that integrate seamlessly with existing back-office applications, front-office portals and global messaging channels such as SWIFT FileAct. This is what the DNI Initiative brings with DLT-based document technology applied to original documents such as bank guarantees, bills of exchange, promissory notes, bills of lading, …”
 
Share your feedback by joining us on March 2^nd for a live debate and consultation. Please register via alexiavella@itfa.org. The session is open to both ITFA and ICC UK members. Your input will help drive ITFA’s and ICC UK’s regulatory advocacy efforts. Ensuring the law is ready for an increasingly digitised world is the ultimate objective.

We hope many of you will join this webinar!