Factors Chain International
Encyclopedia
Factors Chain International (FCI) was established in 1968 as the umbrella organisation for independent factoring
companies around the world. FCI has grown into the world's largest factoring network.
When FCI was founded, domestic factoring services were available only in North America and a few European countries. The concept of international or cross border factoring was still new and restricted in scope by its lack of geographic coverage. The founding members of FCI saw the potential for international factoring, but realised that their umbrella organisation was needed for two reasons:
The FCI concept is built around local expertise and flexibility of approach. Each country operates in its own way, being sensitive to local customs and culture adding a unique dimension to cross border factoring. The important thing however is that each member operates a standard communication system and agrees to work within a global code of conduct.
Since its inception the membership of FCI has grown dramatically to 229 members in 62 countries. Each new member that joins will have met strict criteria in terms of financial strength and commitment to high standards of service.
Factoring (finance)
Factoring is a financial transaction whereby a business job sells its accounts receivable to a third party at a discount...
companies around the world. FCI has grown into the world's largest factoring network.
When FCI was founded, domestic factoring services were available only in North America and a few European countries. The concept of international or cross border factoring was still new and restricted in scope by its lack of geographic coverage. The founding members of FCI saw the potential for international factoring, but realised that their umbrella organisation was needed for two reasons:
- To introduce the concept of factoring in countries where the service was not yet available.
- To develop a framework for international factoring that would allow factors in the country of both the exporter and the importer to work closely together.
The FCI concept is built around local expertise and flexibility of approach. Each country operates in its own way, being sensitive to local customs and culture adding a unique dimension to cross border factoring. The important thing however is that each member operates a standard communication system and agrees to work within a global code of conduct.
Since its inception the membership of FCI has grown dramatically to 229 members in 62 countries. Each new member that joins will have met strict criteria in terms of financial strength and commitment to high standards of service.