Digital Trade check0 / 1 answered · 0 correct
Check 1
Must a transaction specify that it is subject to URDTT for the rules to apply under their scope?
URDTT — Uniform Rules for Digital Trade Transactions
A framework designed for fully digital trade transactions.
Different scope
URDTT is broader than simply digitising a paper LC. It provides a framework for a digital trade transaction using electronic records and a payment obligation.
Opt-in
The rules apply when the terms and conditions of the digital trade transaction specify that it is subject to URDTT.
Technology neutral
URDTT is designed to be neutral about the technology and messaging standard used.
Corporate/non-bank space
The framework is intended to extend beyond traditional bank-only workflows and can support digital trade involving corporate and non-bank participants.
Standards / source note: ICC describes URDTT Version 1.0 as a technology-neutral framework intended for fully digital trade transactions using electronic records.
Remember thisURDTT is a digital-trade framework, not just “UCP on a computer.”
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