Factors Chain International and International Factors Group or FCI+IFG is a global network of factoring companies. The association recently increased its size and scope with the combination of two previously independent factoring organizations, Factors Chain International and International Factors Group. FCI was first founded as an umbrella organization for independent factoring companies from around the world and today the combined association has more than 400 members in 90 countries.
The organization was founded in part to promote the potential for cross-border factoring and introduce the concept of factoring in countries where it was not yet available. FCI+IFG works 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.
Factors Chain International and International Factors Group goals include:
- Connect: FCI supports cross-border factoring activities through which its members
cooperate as export and import factors
- Educate: FCI promotes and develops best practices in both domestic and international factoring and related open account finance products
- Influence: FCI promotes and defends the industry with stakeholders and policy makers worldwide
The organization has worked to help its members achieve competitive advantage, including the following accomplishments:
- Developed effective state-of-the-art communication systems
- Created a reliable legal framework to protect exporters and importers
- Set up standard procedures to maintain quality levels throughout the FCI network
- Designed an extensive package of training programs
- Promoted international factoring as the preferred method of trade finance