Priorities for the ICC Banking Commission in 2026

At the ICC Banking Commission meeting in Paris, Trade Treasury Payments (TTP) spoke with Florian Witt, Chair of the ICC Banking Commission, about the organisation’s priorities as it navigates, both for itself and its members, the fragmentation that has become global trade.

Nearly a year into his tenure, Witt pointed to renewed engagement across the Commission’s global meetings as a key area of progress. “We are back on a level of attendances, a level of quality of exchange, both in digital and in person in an important financial marketplace,” he said, referencing recent gatherings in Dubai, Singapore, and Paris, with London scheduled next.

This revitalised engagement is a positive sign for what is designed to be a forum for global coordination. In an industry built on shared rules and trust, having that ability to gather together in order to debate ideas and align on systems is central to the Commission’s relevance.

But this renewed momentum comes with heightened expectations. As trade becomes more complex and more politically exposed, industry bodies such as the ICC are being increasingly asked to step into more of an industry leadership role.

From technical rules to commercial value

One of Witt’s priorities since taking over the role has been to reinforce the commercial importance of the ICC’s rulebook. While frameworks such as UCP 600 are deeply embedded in global trade finance, the value they provide can oftentimes be taken for granted.

For Witt, ensuring that ICC rules remain commercially relevant begins with demonstrating their tangible value to the market. “Having the UCP 600 and the other rules we have in place is helping the world to save $3 to $6 billion every year,” he said.

Quantifying that impact is a matter of maintaining credibility with a financial community that increasingly expects measurable outcomes. At the same time, Witt emphasised that relevance depends on representation.

“We really have to ensure that multilateralism is the working attitude,” he said, pointing to the need for stronger participation from the Global South. Expanding both representation and responsibility across regions is, in his view, essential to ensuring that ICC frameworks continue to reflect global trade realities.

Collaboration beats duplication

Coordination with other industry bodies has also moved up the agenda. Witt highlighted a recent summit in Singapore, where leaders from organisations including BAFT, ITFA, FCI, and SWIFT met to align priorities. “We looked at where we have agendas that are conflicting or where we are working in duplicate, and we settled on a plan to avoid that,” he said.

Early progress has been most visible in sustainability, where shared objectives have created a natural basis for collaboration. But while sustainability is important, there has been a clear shift in member concerns. “The geopolitical situation has really changed the debate and the dialogue,” Witt said.

Discussions at the Banking Commission Meeting in Paris this year centred on the implications of geopolitical tension for supply chains and trade growth. More fundamentally, there is growing uncertainty around the future of multilateral cooperation itself.

That shift is likely to carry forward into upcoming meetings. “We will have to ensure that the principle of multilateralism and of a rule-based system continues to be in the centre of our attention,” Witt said.

Themes like digitisation, sustainability, and regulatory advocacy, it seems, will increasingly be shaped by a more complex and uncertain global backdrop.

Defining success for the mandate

As Witt looks towards the remainder of his term, one of his priorities is to reinforce the importance of trade finance in the banking ecosystem, particularly at a time when competing demands on capital and attention are intensifying.

“Trade finance is much more important today than it was five or ten years ago,” he said.

At the same time, he is focused on ensuring that the ICC Banking Commission is able to fulfil its dual role as a representative voice for the industry and a standard setter. Equally important is strengthening the representation of the Global South, while preserving the Commission’s multilateral character.

“Only multilateralism is going to ensure that these rules will be globally adopted,” Witt said.

In a more fragmented world, the challenge is no longer simply to set rules, but to ensure that they remain relevant and resilient in the face of unexpected change.