eUCP basics for an issuing bank
A supplement, not a replacement
eUCP version 2.1 supplements UCP 600 so that a credit can provide for electronic records alone or together with paper documents. It applies when the credit says it is subject to the eUCP. An ordinary UCP 600 credit does not become an eUCP credit because somebody emailed a PDF. Article e2 says that where the eUCP applies, it prevails to the extent it would produce a different result from UCP 600. Where only paper is presented under a credit that allowed a choice, UCP 600 alone applies to that paper presentation.
Version and physical location
The credit must indicate the eUCP version. If it does not, it is subject to the latest version in effect when the credit is issued, or on the date of an amendment that makes it subject to eUCP. Separately, Article e1 requires the credit to indicate the physical location of the issuing bank, and of a nominated or confirming bank when that location is known at issuance. That physical location is not the electronic address. Do not collapse the two.
The electronic address
Article e3 defines the place for presentation of an electronic record as an electronic address of a data processing system. Article e6 requires the credit to indicate that place. If the credit also requires or allows paper documents, it must indicate a place for the paper as well. Electronic records need not all arrive at the same moment. A notice of completeness is what tells the bank that the presentation is complete and that the examination period starts. A presentation that never identifies the credit can be treated as not received. An electronic record that cannot be authenticated is deemed not presented.
What silence does not do
Version 2.1 does not say that, if the electronic address is missing, the records may be presented to any system of the issuing bank. It says the credit must indicate the place. MT700 field 31D, the date and place of expiry, is not that indication. A city, a branch address, or a paper document desk is not an electronic address. If you are about to issue the credit and the address is blank, the credit is not ready. Do not issue and hope the negotiating bank will guess the mailbox.
Examination still has a standard
Once a complying electronic presentation is complete, the UCP examination ideas apply as the eUCP modifies them. Data are examined as data. A format the credit required, and did not receive, is a document problem. This page does not set a Bangladesh Bank rule for electronic bills of lading. If a circular has not authorised the instrument you are being asked to issue, the ICC supplement does not supply the foreign-exchange permission.
Source
ICC, eUCP version 2.1, Articles e1, e3 and e6, supplementing UCP 600. Summary only. A paper place of expiry is not the electronic address. iccwbo.org. Open the cited source.
Frequently asked questions
When does eUCP apply?
Only when the credit indicates that it is subject to eUCP. The credit must also indicate the version. If it does not, the latest version in effect on the issue date applies.
What is the place for electronic records?
Article e3: an electronic address of a data processing system. Article e6: the eUCP credit must indicate that place. If paper documents are also required, it must indicate a place for those as well.
Does version 2.1 send a silent presentation to the issuing bank?
No. Version 2.1 does not fill a missing electronic address by treating field 31D, or any other paper place, as the place of presentation. The credit has to state the address.