Byrne Attends SWIFT Meeting in London
In April 2011, Professor James E. Byrne attended a meeting in London of a task force of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) that is creating an ISO 20022 messaging format for demand guarantees and standby letters of credit. SWIFT is an international cooperative of more than 3,500 banks that provides secured messaging services. The meeting was part of an ongoing process to develop standardized forms for the electronic communications necessary for certain payment obligations for financial and performance undertakings, mainly standby letters of credit and demand guarantees. Byrne was asked to participate due to his expertise in standby letters of credit and demand guarantees. The process will accommodate the International Standby Practices (ISP98), rules of practice for which Byrne was Reporter.
While in London, Byrne met with Mason Law alum William (BT) Lowery who now works at the London firm CMS Cameron Mckenna. Lowery graduated from the law school in May 2010 and was editor of its Journal of International Commercial Law.