International Standard Banking Practice (ISBP) for the Examination of Documents Under Documentary Credits, 2007 Revision for UCP 600, an update of the successful ICC Publication No. 645, reflects international standard banking practice for all parties to a documentary credit under UCP 600.
Figures show that more than 50% of credits are rejected for discrepancies on first presentation. The new ISBP, by encouraging a uniformity of practice worldwide, should reduce that figure dramatically and, by doing so, facilitate the flow of world trade.
ISBP was conceived as an intelligent checklist of procedures for document checkers to follow in examining the documents presented under letters of credit. While not a substitute for the UCP, which remains the guiding text, the ISBP demonstrates how the UCP is to be integrated into day-to-day practice.