Factors Chain International (FCI)
When FCI (http://www.fci.nl), was founded, domestic factoring services were only available in North America and a few European countries. The concept of cross border factoring was still new and restricted by its lack of geographic coverage. FCI's goal is to make international trade easier by providing cross-border factoring. Recognizing the potential for international factoring, the founding FCI members realized an umbrella organization was needed, firstly to introduce factoring in countries where it was not yet available, and secondly to develop a framework for international factoring that would allow factoring companies in the country of the exporter and the importer to work closely together.
FCI was set up in 1968 as an umbrella organization for independent factoring companies around the world. Today it has grown into the world's representative factoring network and association with more than 400 members in 90 countries. Each new member that joins will have met strict criteria in terms of financial strength and commitment to high standards of service. FCI’s concept is built around local expertise and flexibility of approach.
In 2016 the activities of IFG (International Factors Group) were integrated into FCI. Today, FCI is truly the global representative body for the Factoring & Receivables Finance Industry.
FCI helps its members achieve competitive advantage in international trade finance services through:
- Effective state-of-the-art communication systems which enable them to conduct their businesses in a cost-efficient way
- A reliable legal framework to protect exporters and importers
- Standard procedures to maintain quality levels throughout the FCI network
- Worldwide promotion of international factoring as the preferred method of trade finance