It has been a very busy summer, coming off the annual meeting in June. I hope everyone is getting an opportunity to spend some time with family and friends during the summer holiday season. I will be back in the US for a few weeks to see my family in late August, and I am looking forward to a few weeks of taking a moment to relax. It is important and a chance to think a bit more strategically while away from the day-to-day. 

Even with my very busy day-to-day here in Amsterdam, I take the opportunity to enjoy my surroundings and experiences. Speaking of experiences, I am composing this article on a train as I return home to Amsterdam from the Paris Olympics. I have had the very fortunate opportunity to attend several Olympics over the years. For me, it is one of the best global events that brings people and cultures together in a celebration of competition. The Olympics focuses on teams and individuals who have found their special gift and relentlessly practised it to almost perfection. They do not always succeed in reaching the podium for a medal, but they exemplify what we should all do daily–constantly striving to be better and go for the podium.

This is my challenge to FCI, me, the Secretariat, the Executive Committee, and its Members: We must focus on what we excel at and build on them.

What FCI excels at is the Two-Factor or 4-Corner model of global trade: A Financial Institution representing each Buyer and Seller in trade. The proven model delivers a high-quality service based on a secure transaction that deepens the reach into the financial supply chain. FCI is the gold standard in the rules, regulations, education, and platform to deliver this type of trade finance. Like these Olympic athletes, we must continue to grow and develop to continue to excel in our field.

A great example of successful growth and transformation I have seen recently is in one of our members - Unifiedpost Group. I had the opportunity to spend the day with their team and several of their clients during the Olympics. I learned about Unifiedpost Group’s history and story of transformation that has led to its success. Over the years, they have transformed from processing mail for clients to becoming a leading fintech that fully digitises a client’s invoice and payment process. Responding to the changing market has driven them to digitise the invoice and the related payment. Even with this change, they have kept to their core value of creating efficiency in streamlining information delivery for their clients. 

FCI is currently going through a similar transition as more and more financial institutions are turning to open-account trade finance while also looking for efficiency and digitisation around the product. Fintechs and marketplaces are popping up around the globe to support this evolution – many are becoming members of FCI. To support this change in the market, FCI is working to support these new players with Edifactoring 2.0. The recent launch of 2.0 brings FCI’s platform up to a digital standard that rivals any FI-to-FI bank trade platform. It is both a manual front end and a fully automated interface that can support any financial institution’s level of integration. It has proven to be a robust platform that has evolved with the market.

In addition to the platform, FCI is focused on its core product of the 4-Corner model and the various products that surround that model. One of my goals as we prepare for 2025 is to conduct a full review of all the products and services of FCI: Collection, Verification, RESCUE, FCIreverse, POM, and traditional Two-Factor. All these products have a specific value within the lifecycle of the financial supply chain. If implemented fully, the Financial Institutions can provide financing and servicing from Purchase Order to final payment. FCI and our members then fully support the needs within the financial supply chain between a seller and a buyer. I have asked Sarah Pon, Chair of the Marketing Committee, to work with her team to analyse these and work with the Secretariat to develop specific initiatives for each. The Committee will work very closely with the Secretariat from a strategic perspective to better develop and integrate each of these into FCI. 

Coming back to the Olympics, I must boast about the US Women’s National Team. The team went through significant transitions in the season leading up to the 2024 Olympics. Chelsea Head Coach Emma Hayes was named manager of the US team in November 2023, just months before the opening ceremony. She brought a vision of “Belief. Freedom. Fun.” This vision and her strategy to focus on the team’s strengths without making big changes earned the team Gold. I like to follow and study great leaders. Emma’s vision and strategy are similar to what I bring to FCI. I have a strong Belief in this FCI network. The team must have the Freedom to leverage their strengths for us to be successful – each person will manage their area of FCI as needed. Let’s enjoy what we do and have Fun as this is what we do for a living. Finally, the leader must identify the team’s strengths and put them each in a position to succeed. This is why I recently named my Senior Leadership Team - Betül Kurtulus, Director of Strategic Marketing and Business Development; Gert-Jan Baars, Director of Operations; and Aysen Cetintas, Director of Education. This team, along with my and the Executive Committee’s guidance, will continue FCI’s growth and success in the coming years.

We will have Belief, Freedom, and Fun while we strive for gold.

This article was written by Mr Neal Harm, FCI Secretary General, for the August 2024 edition of the FCI In-Sight Newsletter.

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