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ISBP has been revised to bring it into line with the new UCP, and was approved by ICCs Commission on Banking Technique and Practice at its April 2007 meeting.
ISBP was conceived as an intelligent checklist of procedures for document checkers to follow in examining documents presented under letters of credit. While not a substitute for the UCP, which remains the guiding text, ISBP demonstrates how the UCP is to be integrated into everyday practice.
Figures show that more than 50% of credits are rejected for discrepancies on first presentation. ISBP, by encouraging a uniformity of practice worldwide, is expected to cut this figure dramatically and, by doing so, facilitate the flow of world trade.
The ISBP is an official publication of the ICC Commission on Banking Technique and Practice.