London, 28 October 2020
The CFI.co judges have conferred on FCI the 2020 award for Best Trade Finance Innovator Global 2020.
Highlights of the judging panel’s findings include:
- FCI is the global representative body for the factoring and open-account domestic and international trade receivables finance industry, with nearly 400 members worldwide and an active presence in 94 countries.
- The cross-border platform relies on a two-factor system connecting FCI members through import-export Interfactor Agreements. FCI’s cross-border offering supports exporters to increase working capital by eliminating the need to dip into existing credit lines and supports importers by offering factor guarantee facilities creating additional new sources of trade credit, allowing the buyer to purchase on open account trade terms and eliminate the need to issue letters of credit for sourcing purposes.
- FCI membership is advantageous for anyone interested in factoring — financial institutions, industry suppliers and companies active in receivables finance — with its trading, consulting, and mentorship opportunities, its legal advisory and educational outreach.
The judging panel’s full report:
FCI is a not-for-profit organisation that has been facilitating cross-border trade finance in Europe, the Americas, the Middle East, Asia and Africa for over 50 years. It is the global representative body for the factoring and receivables finance industry, with nearly 400 members worldwide and an active presence in 94 countries. FCI advises importers and exporters on cross-border invoice factoring and assists members with three solutions: a cross-border transactions platform, a supply chain finance platform, and an Islamic international factoring supplement. The cross-border platform relies on a two-factor system connecting FCI members through Interfactor Agreements. FCI’s cross-border platform helps importers by offering factor guarantee facilities creating additional new sources of trade credit, allowing the buyer to purchase on open account trade terms and eliminating the need to issue letters of credit for sourcing purposes.. Exporters appreciate improved liquidity in the form of better credit protection and financing conditions with lower administration costs and timeframes.. FCIreverse allows Financial Institutions to not only provides its members a global operating platform for on-boarding anchor buyers and their suppliers, but also offers a means by which to on-board suppliers in the 94 countries FCI operates in, to ensure legal, compliance, and educational objectives are met. The Islamic international factoring supplement ensures transactions are Shariah-compliant. The FCI’s work scope and member roster cover a spectrum of different industries and geographies, with member transactions accounting for about 90 percent of international factoring volume. The organisation draws on a legacy of collaborative international experience to assist with the development of international trade. FCI membership is advantageous for anyone interested in factoring — financial institutions, industry suppliers and companies active in receivables finance — with its trading, consulting, and mentorship opportunities, its legal advisory and its educational outreach. The CFI.co judging panel presents FCI with the 2020 award for Best Trade Finance Innovator (Global).
For further information, please contact:
Tel +44 (0)203 137 3679
FCI is the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables.
With close to 400 member companies in 90 countries FCI offers a unique network for cooperation in cross-border factoring. Member transactions represent nearly 90% of the world’s international correspondent factoring volume.
After 50 years of existence, FCI opened two more business lines: reverse factoring (FCIreverse and EDIreverse) and Islamic International Factoring. FCI's origins include a strong legal framework (FCI Constitution, Interfactor Agreement, General Rules for International Factoring-GRIF, Edifactoring.com Rules, Supplemental Agreement for Islamic International Factoring, General Rules for FCIreverse and FCI Rules of Arbitration), platforms for cross-border transactions (edifactoring.com and FCIreverse) and more than 50 years accumulated knowledge (FCI Academy).
CFI.co is a print journal and online resource reporting on business, economics, and finance. The journal recognises that the traditional distinction between emerging and developed markets is now far less meaningful as world economies converge. Headquartered in London, the world’s most multicultural city, CFI.co covers and analyses the drivers behind that change. Combining the views of leading multilateral and national organisations with thought leadership from some of the world’s top minds – CFI.co’s dedicated editorial team ensures that readers better understand the forces influencing and reshaping the global economy.
About the CFI.co Awards Programme
Each year, CFI.co seeks out individuals and organisations that contribute significantly to the convergence of economies and truly add value for all stakeholders. Reporting from frontlines of economies on the move, CFI.co realises that best practice is to be found throughout the world. The Awards Programme aims to identify and reward excellence wherever it is found. The programme aims to inspire others to further improve their own performance.
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