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.

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).