Abstract

With the global economic integration and rapid development of Internet, big data, cloud computing and other technologies, the government developed “Internet +” action plan, therefore “Internet +”international trade has become a general trend. As an important part of international trade, great changes have taken place in international settlement. Contextualized in the “Internet +,” this paper analyzed the changes in the international settlement and summarizes the positive and negative impacts of these changes. Finally, the author proposes strategies to cope with the malpractices brought by the changes and defects in the development of international settlement in China.

Highlights

  • With the global economic integration and rapid development of Internet, big data, cloud computing and other technologies, the government developed “Internet +” action plan, “Internet +”international trade has become a general trend

  • The development of e-commerce and electronic letter of credit raises a new need for international trade rules and practices

  • A Corresponding author: guotianbao1999@126.com eUCP1.1 does not replace or modify UCP600 but replenishes it. If it is indicated in the letter of credit that the settlement is subject to eUCP, it should be treated as supplementary rules of UCP; when they lead to different results, eUCP prevails. eUCP established the norms and standards of opening and examining electronic letters of credit and gave new interpretations of traditional terms: "surface" means the contents of an electronic record; "place for presentation" means the electronic address of the connection

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Summary

Applicable rules

There is a large gap between paper documents and electronic documents. The development of e-commerce and electronic letter of credit raises a new need for international trade rules and practices. The International Chamber of Commerce formulated and replenished new rules for electronic presentations on the basis of Uniform Customs and Practice for Documentary Credits, ICC Publication No.500 ( UCP500 ) and introduced Supplement to UCP500 for Electronic Presentation in force as of Aprilĉ,2002 Version 1.0 (eUCP1.0). After the introduction of UCP600 in 2007, ICC introduced eUCP1.1

Commercial banks’ electronic letter of credit business
Business processes
The advantages of the changes in international settlement
Reduce errors in document processing and reduce risks of trading fraud
Improve the level of management by monitoring the whole process of trade
Electronic documents hide security risks
Banks will face new challenges and risks
Improve the security of e-commerce environment
Advance the international settlement in electronic method step by step
Speed up the training of professionals
Full Text
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