After International Trade and Forfaiting Association (ITFA) released the first edition of the manual on digital negotiable instruments in April 2020, its second edition is now also available.
The latest manual describes two key deliverables that Enigio's trace:original documents are aligned with:
- The legal side explains a functionally equivalent instrument – the electronic Payment Undertaking (ePU) that acts in the same way as the traditional Bills of Exchange and Promissory Notes, delivering the benefits of a digital negotiable instrument under English law.
- The technology side provides the “digital document” (dDOC) specifications, a vendor-agnostic technology-based framework to enable digital original documents to act the same way as paper originals.
Hosted by the International Chamber of Commerce (ICC), the Digital Standards Initiative (DSI) which is a trusted, independent and neutral organisation to lead trade digitisation efforts, also supports ITFA’s Digital Negotiable Instruments (DNI) initiative.