The International Chamber of Commerce (ICC) has unveiled its new Standard Definitions for Techniques of Supply Chain Finance, in a cross-industry joint initiative with BAFT, the Euro Banking Association (EBA), Factors Chain International (FCI) and the International Trade and Forfaiting Association (ITFA). The new set of definitions were launched at a panel discussion at an ICC Academy hosted Supply Chain Finance Summit in Singapore.
The Supply Chain Finance terminologies will help address the global need for a common understanding of techniques related to supply chain finance. According to Kah Chye Tan, immediate past Chair of the ICC Banking Commission and Chair of the Global Supply Chain Finance Forum Steering Group, this will help ensure a much clearer communication in this rather complex ecosystem of providers, clients, accounting and legal professionals, regulatory authorities and others involved in international supply chains.
The definitions will be regularly updated to remain aligned with market developments and be widely disseminated to promote the global adoption of the suggested terminology.