50 Years Facilitating Open Account - Trade Finance

Special assistance for FCI members

Special Assistance to “New” FCI members

In countries where factoring is new, it is not possible for a member to obtain trained staff by hiring personnel from existing factoring companies. Therefore FCI offers in-house customized training programs specific to your company's learning needs.

 

Who should apply?

This program is available for new members who joined FCI during the past two years. The purpose is to offer guidance in the process of setting up FCI Two-Factor business and facilitating the new member’s integration into FCI.

 

FCI Education Team or Regional Chapter Directors will act as specialist consultants, with extensive factoring experience from their previous senior management positions in the factoring industry, and from their thorough understanding of FCI practices and procedures.

 

Conditions and Price

Assistance will be limited to a maximum program of three to four days, travel time excluded, during which an extensive training session covering the most important topics will be delivered. The assistance will not come for “free”, but will be invoiced by FCI at a subsidised rate of EUR 100 per hour with a minimum of EUR 500 per day, with an additional charge for travel and accommodation expenses.

 

Further details can be obtained after an initial contact between the member involved and FCI.

 

For further information and for discussing an appropriate program, please contact the FCI Secretariat or Ms. Aysen Çetintas-Education Director (cetintas@fci.nl) directly.


 

TRAINING PROGRAMS     

All training modules are exclusively for Two-factor International Factoring.

Tailor-made modules appropriate to member needs can be discussed.

 

Training Outline    

 

International Factoring

  • Definitions, terminology, product types,

 

FCI Two-Factor System

  • How the FCI two-factor system works, explanation of the whole mechanism based on Quick Start Guide, Communication Manual and edifactoring.com User Guide.
  • Comparison with trade finance solutions and other competitive products

 

Welcome to FCI! Now what?

  • Materials sent from FCI.
  • How to appoint “right” FCI contact person.
  • How to prepare your Member Catalogue page and keep it updated (right persons to list).
  • The FCI Private Net: what is it and how to use it?

 

What do you get from FCI and what should you do?

  • The purpose of each:
    • FCI Manuals.
    • The FCI Annual Review.
    • FCI In-Sight.
    • The Guide to the Establishment of a Factoring Operation and how to get it.
  • Instructions in downloading the edifactoring.com User Guide.
  • The FCI Education Policy, the purpose of the FCI courses and seminars and the importance to enrol/attend. The formal commitment made on the application form.
  • Interfactor Agreement: How to exchange it, add presentation kit of your company as marketing tool.
  • IFIS:  what it should contain, good and bad example of an IFIS.
  • Introductory letter and assignment labels: Why, when/how to send it.
  • Explanation of the edifactoring.com service quality statistics and how to use them.
  • FCI Factors of the Year awards.
  • How to select IF correspondents, including money laundering issues. The importance of investing in travel to visit correspondents.
  • Acting as IF including pricing issues. Services that IF can provide.
  • Live demo edifactoring.com covering: learning and testing, system administration, overview of message types, importance of the edifactoring.com Rules, where to go for help.

 

Legal aspect of Factoring

  • FCI structure and Constitution.
  • FCI Legal framework: Interfactor Agreement, GRIF, edifactoring.com Rules, Rules of Arbitration, legal circulars.
  • Your export factoring agreement: what to include, must be in line with the GRIF (but more conservative on issues like PUA days etc.) or understand the consequences if not in line.

 

Selling Export Factoring

  • Definition of International Factoring
  • Main Functions
  • International Factoring Products
  • Educating the Seller
  • The Selection Criteria
  • Selling Skills and Sales Process
  • Pricing
  • Competitive Products
  • Marketing Export Factoring

 

Risk issues in Factoring and how to manage them

  • Seller selection
  • Seller risk control
  • Buyer risk control
  • Correspondent risk
  • Fraud and Operational risks

 

Organization set-up & System 

  • Best set-up of your factoring operation.
  • Segregation of duties.
  • Information systems: own development vs. buy from vendors, minimum features, where to find vendors, negotiating tips.