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ISBP: International Standard Banking Practices
International Standard Banking Practice - ISBP 745
International Standard Banking Practice. When the publication International Standard Banking Practice for the Examination of Documents under Documentary Credits was approved by ICC in , it was widely acclaimed by letter of credit practitioners worldwide. The ISBP, as it is commonly called, provided an intelligent checklist of items document checkers could refer to in determining how ICC's rules on documentary credits, at the time called UCP , applied in daily practice. As such, it filled a needed gap in the market between the general principles in the UCP and the daily job of the practitioner. Though much of the ISBP remains unchanged from the version, certain alterations have had to be made. These are essentially to remove paragraphs from ISBP where the principle has been incorporated in UCP ; to make technical adjustments in capitalization; to substitute UCP article references for those of UCP ; to change dates from to ; and to incorporate changes in ISBP paragraphs necessary to bring the wording in line with wording in UCP Though some of these changes are minor, practitioners would be well advised to have this latest version of the ISBP at hand.
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