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Factors Chain International (FCI) and International Factors Group (IFG) announce potential union

21/07/2015 The boards of Factors Chain International (FCI) and International Factors Group (IFG) have put forward a proposal to set up a union between the two organisations. In so doing, it is expected that such a union would represent the benefits and opportunities of the global factoring industry more effectively. The members of FCI have already voted in favour. The members of IFG will vote at its annual meeting in Vienna in October. If agreement is reached, work on bringing the two organisations together will commence with a view to completion in 2016. FCI has over 275 members in 73 countries, and is the world's largest factoring network, with member transactions representing nearly 90% of the world's international correspondent factoring volume. IFG currently has around 160 members represented in 60 countries.    


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26/11/2024

The latest newsletter is now available in the members trade information section under the category of 'Newsletters'...more

ICC release Technical Advisory Briefing No. 11 - Definition of Trade Finance 19/09/2024

Recognising that there is no global standard for the defining Trade Finance, this Briefing document provides a suggested text and has been recommended for use by the ICC Banking Commisison Steering Committee...more

Latest Question

We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.