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Harmonising data standards for cross-border trade documents and cross-border payments to enable further digitisation of the financial and physical business processes of international trade

Author

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  • Hartsink, Gerard

    (International Chamber of Commerce, The Netherlands)

Abstract

This paper discusses the ICC Digital Standards Initiative to further digitise the business processes relating to 36 trade documents used for international financial and/or physical supply chains. After describing the existing data standards for the subjects and objects used for those documents and for cross-border payments, the paper argues that the further digitisation of business and reporting processes needs both the public sector (central banks, customs, financial intelligence units, statistical organisations) and the private sector (exporters and importers and their service providers such as banks and logistical firms) to adopt a unique global identifier for businesses. This paper explains why the Legal Entity Identifier (LEI) initiative, driven by the Group of 20 and the Financial Stability Board (FSB), provides an appropriate solution for the realisation of paperless trade.

Suggested Citation

  • Hartsink, Gerard, 2024. "Harmonising data standards for cross-border trade documents and cross-border payments to enable further digitisation of the financial and physical business processes of international trade," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 18(3), pages 239-252, September.
    • Handle: RePEc:aza:jpss00:y:2024:v:18:i:3:p:239-252
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    More about this item

    Keywords

    paperless trade; trade documents; cross-border payments; data of subjects and objects; legal forms; legal entities; business registers; identifiers; data connectors; ISO 17442-1:2020 LEI; G-SIB; UN/CEFACT Buy-Ship-Pay Model;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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