Uniform Rules for Digital Trade Transactions (URDTT) Version 1.0
The Uniform Rules for Digital Trade Transactions (URDTT) Version 1.0 are the result of the mandate given by the ICC Banking Commission to develop a high-level structure outlining rules, obligations, and standards for the digitalisation of trade transactions.
The drafting process resulted in more than six full drafts, with over 1,500 comments received from ICC National Committees.
The ICC Uniform Rules for Digital Trade Transactions (URDTT) are intended:
- for a fully digital environment;
- to be neutral with regard to technology and messaging standards; and,
- to extend into the corporate space, including commercial transactions and the growing community of non-bank providers of financial services.
The URDTT are designed to be compatible with UNCITRAL Model Laws, including those on Electronic Commerce, Electronic Signatures and Electronic Transferable Records.
The rules will serve as an overarching framework for Digital Trade Transactions thereby providing global standardisation, consistency and conformity, providing a collective understanding of terms and definitions, whilst promoting and supporting the usage of electronic records/documents/data.