Press release: 22/10/2021; Amsterdam, The Netherlands.
Established in 1944 as Turkey's first national-scale private bank focused on retail banking, Yapı Kredi has played a leading role in the banking sector. In 2018, the bank announced its strategic priorities for segmented transactions, transaction banking, yield management, sound asset quality and risk appetite while also strengthening key balance sheet indicators (liquidity, provisions and capital structure).
To reach these strategic priorities further, both Ms Isil Eskici and Ms Bilge Tan from Yapi Kredi Factoring which is a subsidiary of Yapı Kredi Bank virtually signed a Memorandum of understanding (MOU) and Mr Peter Mulroy from FCI and Mr Maurice Benisty from Demica on 28 August 2021. This agreement allows Yapi Kredi to explore new business and be open to exchange Supply Chain Finance (SCF) cross-border business with other FCIreverse members while devoting resources to look more into this type of business. To date, ten other companies have signed this agreement and have been working together through the FCIreverse platform. It is with great thanks to Ms Monica Blanco for her hard work in making this agreement possible.
FCIreverse is an SCF platform for financing buyer-approved receivables. FCIreverse combines the power of the FCI member network, interfactor framework and General Rules for FCIreverse with Demica's award-winning technology. This unique SCF platform solution enables FCI members to initiate and participate in both local and multi-regional SCF/reverse factoring programmes to increase revenues and grow assets.
As it is also known, SCF or reverse factoring serves to improve working capital for both buyers and their suppliers, releasing cash through increased DPO for buyers and reduced DSO for suppliers. It enables buyers to improve supplier management, negotiate better terms and improve cash flow. In contrast, suppliers can diversify their funding sources, access competitively-priced financing, mitigate concentration exposures and improve cash flow forecasting.
Yapi Kredi has been awarded second place for 'Best Performance as Export Factor in 2021' and third place for 'FCI 2021 Import & Export Factor of the Year for Europe' in the FCI 2021 Business Awards, which were announced back in September at the FCI Annual Meeting.
We look forward to the new business coming out of this platform and seeing Yapi Kredi and others benefit from their participation. To find out more about FCIreverse, contact Ms Monica Blanco, FCI SCF Consultant, via firstname.lastname@example.org or visit fci.nl/fcireverse to read more.