Invoice Verification

Invoice Verification as an enhanced service to the usual collection activities which Import Factors are offering upon request to Export Factors in the Two-Factor scheme.

 

For this service FCI has developed specific trainings, standard messaging in Edifactoring (MSG 70 and 74) and clear mutual responsibilities and a dedicated manual (in the library of the private net under Manuals and Guide: “FCI invoice verification guide”). It also offers the possibility for the Import Factor of charging a supplementary commission for this extra service when verification is on a larger scale or frequent.

Advantages

Even though the verification of the Import Factor is not legally binding (like invoice confirmation in Reverse Factoring), the main benefit of this service for Export Factors is the prevention of client fraud and early detection of disputes. The early contact to the buyers will also help the Import Factors to reduce their risks and long-term costs.

 

Verification can be requested for individual assigned invoices, whole buyer accounts or portfolio of buyers. It can be requested after invoice notification, on due date, a specific interval after due date, at an agreed frequency such as monthly or on random basis.