Factors Chain International (FCI) and International Factors Group (IFG) announce potential union
21/07/2015The 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.
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
