ICC Full Form in Banking

What Is The Full Form Of ICC In Banking?

ICC full form in banking is International Chamber of Commerce. It’s a big deal in banking because it’s like the global boss setting the rules for how countries do business with each other. Think of ICC as a guide making sure that when businesses across different countries deal with each other, everything goes smooth and easy. Now, ICC is all about making international trade and finance a breeze. While it’s got its fingers in a lot of pies, including trade, its main gig in banking is about making sure money and goods move across borders without a hitch. At the heart of it, ICC has this thing called “Incoterms,” kinda like the basics of international trade. These rules spell out who’s gotta do what, and who’s responsible for what, in deals that cross country lines. It’s all about keeping things clear so there’s less head-scratching and fewer hiccups when businesses trade globally.

What Else Should You Know About ICC?

When it comes to banking, ICC’s superstar move is creating the Uniform Customs and Practice for Documentary Credits, or UCP 600 for short. Started way back in the 1930s and getting updates now and then, this set of rules is the playbook for letters of credit (LCs). LCs are pretty much promises by banks to cough up the cash to the seller once everything agreed upon in the deal is ticked off.