Successful first FCIreverse Users Meeting in Madrid

Friday 25 October 2019

Last week 70 attendees gathered in Madrid for the first FCIreverse Forum. The First User Group Meeting was the occasion for FCI members and non-members to discover and discuss reverse factoring and FCIreverse.

After the welcome from Peter Mulroy, FCI Secretary General, Monica Martin Blanco, FCI’s SCF Consultant clarified how FCIreverse could answer your needs. While capital optimisation is still the most important benefit, there are high costs for regulations and KYC. Both 3-corner and 4-corner model offered by FCIreverse have the solution to solve costs issues. In addition FCI commits to define FCIreverse next steps, help find the most suitable candidate with FCI for the 4-corner model and identify the most suitable corporates to help building your programs or respond to new capabilities.

Joaquin Durany, Caixabank, also host of the Forum, explained Caixabank journey with FCI but also the opportunity to grow he sees in FCIreverse. His colleague Xavier Serrano told the attendees the evolution of confirmation (reverse factoring) at Caixabank.. Lluís Sagrist, Operational Director Manager, CaixaBank, closed the host speech with a vision on the future of confirmation.

Afterwards, Carlos Garcia Casas, Chairman of the Spanish Factoring Association, highlighted the importance of SCF in the economy of a country. In Spain, during the last 10 years, 50% of the factoring activity was reverse factoring. After the start of confirming in 1991, with its youth’s weakness, steady growth from 2000, increasing competition in the Spanish market, since 2009 the solution is at its maturity stage and is now able to create new business lines.

Joaquin Krijgsman, CEO & founder SME Funding, brought the audience to how to set up an SCF programme. He highlighted the two-in-one unique solution of FCIreverse, a platform and global coverage. Both new entrants and experienced SCF banks can benefit from the potential of FCIreverse.

Dick Korf, Partner of KPMG, clarified the challenge of accounting treatment in SCF and the impact of the 4-corner model. The delegates received the white paper on the subject to read in details the recommendations (the white paper is also available to FCI members in the library).

The first day was concluded by a networking dinner sponsored by Demica.

Demica started the second day explaining the actual situation of FCIreverse. The technology and legal rules are ready. Now Demica and FCI focus on building a community of user-originator members. Demica has an experience of co-origination partner. They are making analysis to help on this. The presentation was followed by a panel discussion with FCI members moderated by Avarina Miller, Director at Demica. Take away from the panel is we have programs we need partners!

Joaquin Krijgsman, SME Funding presents the second part on how to set up the SCF product within your organisation. It includes to define a strategy on what to develop. He also gave some commercial tips.

After the Q&A session, Josep Selles, Chairman of FCI SCF Committee, wrapped up the conference and gave the final word.

Participants returned home with many new ideas additional knowledge. Some of the testimonials include:

FCIreverse Forum is the promise to even better second forum which I shall not miss.” “Congratulations for the very informative and valuable conference last week. It seems that there is a number of concerns and questions on reverse factoring and FCI 4-corner model that is very helpful for market participants to discuss among them.” “El meeting ha estado increíble. Todas las pláticas y los asistentes fueron muy interesantes.”