It has different fraud found in banking industry in past. The most annoying import and export bills department is the letter of Credit application. A regulation gap in between cross-border countries. There are fraudulent cases found in banking industry in past. The most annoying topic is the import and export bills department is the letter of Credit application. A regulation gap in between cross-border countries. If is easy to let banking staff not aware fall in trap created by crook. As a result it encountered financial lost.
Whereby the International Chamber of Commerce agree to compliance the Uniform Customs & Practice for Documentary Credits (UCP 600) rule. As times go by many people ask whether the UCP 600 will be revised?
The technologies market practice so far. I heard that Letter of Credit has been replaced by hyperledger. I have seen Microsoft Azure Cloud services is going to target hyperledger, Ethereum types hyperledger platform market. Should you have interest of this technology transformation. Please refer below diagram for reference. By the way, hyperledger services now available on Azure Cloud. For more details, please refer below url for reference.