VIDEO | ICC Banking Commission charts course for trade finance future - Trade Treasury Payments

At ICC Austria’s Trade Finance Week, Florian Witt shared his experience as the Chair of the ICC Banking Commission and outlined his plans for the organisation’s direction while reflecting on his first 100 days in office.

At ICC Austria Trade Finance Week, Eleonore Treu, Director of Trade Finance Week Austria and TTP Editorial Board Member, spoke with Florian Witt, Chair of the ICC Banking Commission and Managing Director, Head of International & Corporate Banking, and Member of the Group Business Executive Committee at ODDO BHF (Germany).

“I’m a banker with passion,” stated Witt, who has spent 25 years in the industry. Now leading the Banking Commission since September last year, he approaches his role with both dedication and humility. “I am a fool for trade and investment, and that’s what I think you should be if you’re a banker,” he added.

Reflecting on his first 100 days, Witt discovered the extensive scope of his responsibilities. “The ecosystem is much wider than I thought,” he said, describing the network of “technical advisors, working groups, task forces, national commissions, and advocacy in regulatory affairs” that form the Banking Commission’s structure.

With 94 national banking commissions and more than 800 members worldwide, Witt identified improving dialogue as a key priority, particularly with commissions from the Global South. He also emphasised the value of the Commission’s standards and rules, particularly the Uniform Customs and Practice for Documentary Credits (UCP). “I think we are managing a multi-billion asset,” he stated, explaining how these standards reduce legal costs and time when arranging letters of credit.

The conversation also highlighted the importance of inter-organisational coordination as Witt revealed plans for regular summit meetings with BAFT and SWIFT to develop “a common voice” while avoiding duplicate efforts. 

Moving forward, Witt plans to strengthen the Commission’s organisational structure before expanding its product scope. He also aims to review trade finance practices in documentary trade, looking at ways to reduce documentation and expand possibilities through negotiable cargo documents.

Witt concluded by praising ICC Austria’s work through its annual conferences and encouraged continued dialogue with the global Banking Commission, while also calling for support to help strengthen developing national commissions.

Trade Treasury Payments (TTP) are delighted to be media partners of ICC Austria’s Trade Finance Week.