ICC Updates Supply Chain Finance Terminology

The International Chamber of Commerce (ICC) recently updated the supply chain finance terminology. For translators that work within the finance translation field, the ICC updates to supply chain finance terminology are important to remain knowledgeable regarding terminology changes and to ensure accurate translations moving forward. The new “Standard Definitions for Techniques of Supply Chain Finance” provides a master definition for Supply Chain Finance terminology and the variable techniques used throughout the industry. Standardization across existing Supply Chain Finance market terminology is essential for daily practice by banks and non-banks when processing, financing and mitigating risk in trade transactions. Translators working within this industry must be aware of the standardization for all translated material. Up until this point, there was a range of terminology in use that were inconsistent. The new agreement puts into place clear terms and terminology for translators especially to provide accurate and consistent translated texts. The updated terminology was a join effort between the ICC, the Euro Banking Association, Factors Chain International and the International Trade and Forfaiting Association.

Download a PDF copy of the of the ICC Updates Supply Chain Finance Terminology: “Standard Definitions for Techniques of Supply Chain Finance.”

What is supply chain finance?

Supply Chain Finance (SCF) is following financing and risk mitigation practices and techniques to optimize the management of the working capital and liquidity invested in supply chain processes and transactions. Visibility of underlying trade flows by the finance provider(s) is a necessary component of such financing arrangements which can be enabled by a technology platform.

ICC updates to supply chain finance terminology will be immediately implemented across INGCO International translation projects and all project managers will be instructed to review for accuracy in regards to the terminology update.

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