Applicant, issuing bank, advising bank and beneficiary all transact against the same electronic credit — presented under eUCP, examined under UCP 600, anchored on a neutral rail. No paper, no parallel copies, no lost presentation.
Sample deal
Actors on the rail
All actions anchor to ISET ISET juridical anchor
AP
Applicant
Importer A
IB
Issuing Bank
Issuing Bank A
⬢
ISET · Anchor & Audit Registry
Neutral · eUCP presentation
AB
Advising / Confirming Bank
Advising Bank A
EX
Beneficiary
Exporter A
1
Applicant requests the creditImporter applies to its bank · KYC on applicant (UCP 600 art. 2)
identity
2
Issuing bank issues the e-LCIrrevocable undertaking issued and anchored on ISET (art. 7)
anchored
3
Advising bank advises — confirms if requestedAuthenticity verified and advised to the beneficiary; confirmation adds a second undertaking (art. 8, 9)
audited
4
Beneficiary reviews termsExporter sees the credit and the required document set (incl. linked e-BL)
audited
5
Shipment · e-Bill of Lading linkede-BL anchored to the same engine
anchoredperfected
6
Presentation & examinationDocuments examined against UCP 600 · eUCP — max 5 banking days (art. 14b)
verifiedaudited
7
Complying presentation honouredNominated or confirming bank honours or negotiates; exporter paid (art. 2, 7, 8). If discrepant instead: a single notice of refusal within 5 banking days (art. 16), then applicant waiver or re-presentation
settled
8
Issuing bank reimbursesReimbursement to the nominated bank; credit discharged (art. 7c)
settledaudited
e-LC issued, presented, honoured.
One authoritative record of the credit — examined under UCP 600, presented under eUCP, traceable end-to-end.
A credit is a bank's irrevocable undertaking to pay against a complying presentation — not a document of title. Its cost is the paper: courier time between banks, documents examined by hand against UCP 600, and discrepancies found late. Electronic presentation under eUCP collapses that cycle, and the linked e-BL carries the title — that is what makes the same cargo impossible to finance twice. Banks keep their roles: the issuing bank undertakes, the confirming bank adds its own, the nominated bank honours or negotiates. ISET anchors the record and the audit trail — it is not a party to the credit.