• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.73
• /
• pp.21-42
• /
• 2017

A BPO is an irrevocable undertaking given by an Obligor Bank acting on behalf of the buyer to a Recipient Bank acting on behalf of the seller to pay on satisfaction of certain specified conditions. There have been a Trade Service Utility(TSU), a Transaction Matching Application(TMA) and ISO 20022 TSMT messages that core electronic technical systems linked to the BPO. As a key usefulness of the BPO, it brings to market an alternative means of satisfying the risk mitigation, financing and information management needs of banks and businesses engaged in trade. That is, corporates can spread the risk among multiple Obligor Banks by requesting multiple BPOs for the same trade transaction not to exceed the value of the initial transaction. Since the BPO replaces the manual document checking process with the electronic matching of data, buyers and sellers will benefit from significantly increased accuracy and objectivity. By using BPO, buyers and sellers can become trusted counterparties by demonstrating reliability and giving sellers the assurance of being paid on time as per the payment terms and conditions agreed. When compared to L/C, the BPO requires submission of data only. This requires a change of practice of those accustomed to dealing with physical documentation. The beneficiary of a BPO is the Recipient Bank which is always the Seller's Bank. In the meantime, banks will need to agree between themselves that the URBPO 750 will be applied, modified or excluded. However, customers of banks will face low transactional costs due to a fully automated process and standardized data formats used in international trade documentation. There is no amendment and cancellation rules in the URBPO 750s, but only have Assignment of Proceeds rules. As a result, the BPO is likely to enable new business opportunities, lower costs, fast transaction process and strengthen key customer relationships.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.21
• /
• pp.99-127
• /
• 2003

Legal sources of fraud rule in documentary letter of credit, which have their origin in Sztejn Case can be traced to various rules or laws of international or domestic level ; URCG, URDG and ISP98 as ICC Rules, and UNCITRAL Convention as an international uniform law, and UCC as a domestic law and U.K. cases. Among them the combination of "material fraud" in UCC ${\S}5-109$ and the detailed list of the types of misconduct in UNCITRAL Convention may provide the best solution or standard in real application of the fraud rule in letter of credit transaction.

• International Commerce and Information Review
• /
• v.6 no.3
• /
• pp.123-136
• /
• 2004

In recent years, although far behind, the "e-Trade (B to G)" is propelled vigorously in Japan. But the diffusion of the "e-Trade" among companies (B to B) represented by bolero.net does not meet expectation. This paper carried out the questionnaire survey to the enterprises, which adopt bolero.net and examined why the diffusion is stagnated to the measures for its future spread. As a result, the top 3 adoption factors are: (1) Transaction climate, (2) Top management support, and (3) Operational improvement. In other words, it depends that top management has the will, which adopts e-trade positively among the reliable business partners and the operational performances can improve efficiently by carrying e-trade. We would like to clarify what will be crucial to spur the diffusion in the future. Based on the findings from the result, the concrete key points to promote the spread are to be indicated as follows: (1) Improve the scores of "Cost" and "Competitive pressure" (2) Improve the institutional factor.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.12 no.12
• /
• pp.5500-5508
• /
• 2011

The purpose of this study is to find out the policy implications regarding the EU FP and EUREKA which consist of the main parts in the midst of the international technological cooperation with EU region that our government is implementing. This study consists of five chapters in all. The present situations of the international technological cooperation in EU region were investigated in chapter two. Successively, the theoretical background regarding the policy implications for the international technological cooperation in EU region was provided in chapter three. As the theories establishing the bases at this point, there are network and transaction cost theory. The research methods were provided in chapter four, and through the policy case study of our government's international technological cooperation in EU region, the theoretical establishment developed in chapter three was carried out in chapter five. Subsequently, conclusions and suggestions were drawn in chapter six.

• Journal of Information Technology Applications and Management
• /
• v.29 no.6
• /
• pp.43-62
• /
• 2022

As the used trading market grows centered on online platforms, it is evolving from practical consumption to pursuing various forms of consumption value. Consumers purchase rare products, enjoy the transaction itself with consumers with the same preference, and investment or eco-friendly value consumption is also increasing. In this regard, the transaction of the second-hand transaction app service must have sincerity in order to respond to various consumption values. In addition, it is necessary to study what components the second-hand trading app service should aim for to secure authenticity and how the usefulness and ease of second-hand trading apps affect the relationship. The research used a questionnaire method to test hypotheses and surveyed 215 consumers in their 20s, 30s, and 40s who had purchased used clothing online within a year. Among them, 200 responses, excluding outliers, were statistically analyzed using SPSS 21.0 and AMOS 22.0 as confirmatory factor analysis and structural equation models. This study aims to determine the effect of the authenticity of the online used trading app service on the satisfaction of the used trading app service. To this end, based on the previous research results, the following research hypotheses were established and verified statistically. First, the authenticity of the online used trading app service will significantly impact the satisfaction of the used trading app service. Second, the usefulness of the used trading app service will have a moderating effect on the effect of the authenticity of the used trading app service on the satisfaction of the used trading app service. Third, the ease of the used trading app service will have a moderating effect on the authenticity of the used trading app service on the satisfaction of the used trading app service. As a result of the study, the authenticity of the used trading app service significantly affected the satisfaction of the used trading app service. Appeared to be The results of this study will help understand used transaction app services where consumption of used products occurs from the viewpoint of product circular use behavior and can be used as a strategic plan to promote the use of used transaction apps in the future.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.40
• /
• pp.147-167
• /
• 2008

This paper investigates changing business transaction under the e-commerce environment and their implications on freight transport industry with some case studies. It shows that an efficient and reliable delivery system is essential for e-commerce as business industries are faced with the stricter and more diversified demands of customer. In addition, many aspects of business practices such as small batch, customized production and just-in-time distribution in the e-commerce environment, in turn, bring about a number of changes in the volume and service patterns of freight transport. E-commerce requires longer transport distances and often higher delivery frequencies. It also entails to a certain extent a modal shift towards truck and air freight transport modes. On the one hand, the logistical requirements of e-commerce goods may stimulate greater complexity in existing supply chain management, causing higher costs. However it is true that the increased visibility of goods through more efficient information flow allows more efficient and effective transport management in the logistics system.

• The Journal of Information Technology
• /
• v.4 no.4
• /
• pp.113-128
• /
• 2001

The international trade industry is on the brink of a radical Internet-driven transformation. TradeCard is a payment and settlement system that is an alternative to letters of crdeit. That is, TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. Paperless, payment-guaranteed international trade transactions - which eliminate the traditional letters of credit with electronic certifications - are widely considered the most difficult B2B transactions to conduct. The TradeCard system was initially built to accommodate and process this complex, cross-border payment type at a US$100 service fee for each transaction of up to US$100,000 since November 1999.

• International Commerce and Information Review
• /
• v.12 no.4
• /
• pp.509-535
• /
• 2010

This paper examines the Spaghetti bowl effect that different tariffs and rules of origin in multiple FTAs have resulted in increasing the significantly additional burden for business when it comes to apply for the use of FTA preference. The wide spread of FTAs in the several years, from 2003 to 2010, has been the most important trade policy development in economically important Korea. Korea presently has 5 FTAs in effect, and made 3 additional agreements which will be expected to take effect in next year. With the study result and expecting a growing number of FTAs in Korea in a next decade, the international trading firms will face rise of transaction costs for enterprises, particularly small- and medium-sized enterprises(SMEs) to cope with multiple tariffs and rule of origins in FTAs. To help mitigate negative effects and facilitate a more SEMs to use the FTA preference, providing new computer programs system, increasing the awareness of FTA provisions, improving business participation in FTA consultations, and SME support in light of education, and financial support are needed.

• International journal of advanced smart convergence
• /
• v.10 no.4
• /
• pp.198-205
• /
• 2021

With the development of blockchain technology, the scope of blockchain applications has expanded rapidly. Blockchain decentralization allows transaction participants to make transparent and safe transactions without a third trust agency. A distributed ledger-based system enables transparent and trusted business for anonymous users. For this reason, many companies apply blockchain to various fields such as logistics, electronic voting, and real estate. Despite this interest, there are still not enough case studies confirming the potential of blockchain as a concrete business model. Therefore, it is necessary to study how blockchain technology can change the existing business model and connect it to a new business model. In this paper, we propose blockchain-based business models and workflow types in various fields such as healthcare, logistics, and energy. We also present application cases. We expect to help companies apply blockchain to their business.

• Journal of Arbitration Studies
• /
• v.20 no.3
• /
• pp.3-24
• /
• 2010

In the approaching 21th century, the outstanding development in international trade and commerce has established arbitration as the preferred form of dispute resolution on international business transaction. Because the form of commercial dispute becomes more complicated and varied with the quantitative increase of them, the reasonable and rapid settlement of them must be the important problem simultaneously. In this article, the author discusses various issues on the recognition and enforcement of an foreign arbitral awards under Korean Arbitration Act, which is modeled after the Model Law on International Commercial Arbitration of the UNCITRAL of 1985. The Dec. 31, 1999 amendment to the Korean Arbitration Act admits the basis for enforcement of foreign arbitral awards rendered under United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958(commonly known as the New York Convention). Korea has acceded to the New York Convention since 1973. When acceding to the convention, Korea declared that it will apply the Convention to the recognition and enforcement of awards made only in the territory of anther Contracting State on the basis of reciprocity. Also, Korea declared that it will apply the Convention only to differences arising out of legal relationships, whether contractual or not, which are considered as commercial under the national law of Korea. The provision relating to the enforcement of arbitral awards falling under the New York Convention consists of Article III, IV, V. In particular, Article V of the New York Convention enumerates the grounds for refusal of recognition foreign arbitral awards. The grounds are separated into two categories : One that abides by procedures and the others are based on national legal sovereignty. In Korea, a holder of a foreign arbitral award is obliged to request from the court a judgment ordering enforcement of awards. Because Korea requires enforcement to be based on a judgement, the result is that arbitral of award holders are forced to institute domestic litigation.