Resources for Selecting Payment Methods/International Organizations
|Unit 5.2-Resources for Selecting Payment Methods||
International organizations are valuable sources of information. See below.
International Chamber of Commerce – www.iccwbo.org
The ICC is the voice of world business championing the global economy as a force for economic growth, job creation and prosperity. Because national economies are now so closely interwoven, government decisions have far stronger international repercussions than in the past. ICC is a world global business organization that covers a broad spectrum--from arbitration and dispute resolution to making the case for open trade and the market economy system. It helps in business self-regulation, fighting corruption, and combating commercial crime. ICC sets rules and standards (arbitration). In addition, the Uniform Customs and Practice for Documentary Credits (UCP 500) are the rules that banks apply to finance billions of dollars worth of world trade every year. ICC Incoterms are standard international trade definitions used every day in countless thousands of contracts. ICC model contracts make life easier for small companies that cannot afford big legal departments. ICC provides world business recommendations to the World Trade Organization and speaks for world business when governments take up such issues as intellectual property rights, transport policy, trade law or the environment. For a credit manager, Incoterms make international trade easier and help traders in different countries understand one another. To assist risk managers in understanding the areas that the 13 Incoterms cover and the way each one works, the official ICC website now publishes The Preambles each term in read-only format, together with basic information and background. The Preambles do not, however, spell out the obligations of buyer and seller, which are essential to correct use of Incoterms. This information may be obtained by consulting the full published texts of the 13 Incoterms, available from ICC publishers.
International Monetary Fund (IMF) – www.imf.org
Established under the Bretton Woods agreement of 1944, the IMF is involved with stabilizing foreign currency exchange rates, monitoring foreign currency exchange polices, and helping with balance of payment issues related to export earnings. Access to funds requires membership in the organization which is based in Washington, DC.
The International Bank for Reconstruction & Development (IBRD) or The World Bank – www.worldbank.org
Also established under the Bretton Woods agreement of 1944, the World Bank provides funding assistance to credit-worthy developing countries for government supported projects. The funding is made available to companies that submit bids to provide goods and services as outlined in the agreement between the government and the World Bank.