I would say it is the connected ecosystem of import and export factoring institutions across geographies and continents. We are looking at close to 400 FCI members across 94 countries - all of them connected through a uniform legal foundation, transacting seamlessly with each other, using a digital EDI platform.
The message types as well as legal and operational contents have been standardized for factors across the world for an efficient communication. It’s a great example of partnership across shores, to help our clients transact on their physical supply chains.
I have seen FCI promoting a culture and a forum of Connectivity, Mentoring and Trust. There are several examples where an existing established factor opens up its Operations, for a New FCI member, to visit, learn and experience the process and controls required, to conduct this business properly. We can also see often that import and export factors assist each-other with their local knowledge, to collaborate and win the business, together.
I remember, in one of the cases, the Bank was dealing with an export client who used to deal with debtors across 3 continents, in locations where the exporter’s bank had no presence. The export factor leveraged their FCI membership to reach out to different import factors in debtors’ locations, who were able to underwrite debtor risk as well as collect from them locally. This enabled the export factor to provide appropriate solution to the client and win the business.
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