Sullivan Advises ITFA on the Development and Launch of the New Uniform Rules for Transferable Electronic Payment Obligations
London, UK – Sullivan & Worcester UK LLP (Sullivan) is pleased to have advised ITFA (the International Trade and Forfaiting Association), through its drafting committee, on the development and launch of the new Uniform Rules for Transferable Electronic Payment Obligations (URTEPO).
As new technology and legislation enables the creation of electronic payment obligations, ITFA has published this new - and unique - set of rules covering the transfer of these obligations. The rules 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 considered as an evolution of URF800 (Uniform Rules for Forfaiting) that were previously published by the International Chamber of Commerce (ICC) in conjunction with ITFA, and that will continue to co-exist as the URF covers paper-based instruments and the URTEPO focuses on electronic obligations. The new URTEPO can be accessed through ITFA’s website, here.
Geoffrey Wynne, head of Sullivan’s Trade & Export Finance Group and the London office, leading the team advising ITFA commented: "These new rules govern the transfer of electronic payment obligations and provide a detailed way to effect a transfer. They represent a significant development for the industry as a whole as it continues to move into the fast-changing digital world. Sullivan is delighted to have been involved in helping to draft the rules, working closely with ITFA and as part of the working party, not least as they have been delivered in under a year. I have no doubt that these rules will be of significant benefit for all those who chose to adopt them."
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