FCI, the global representative body for the open account factoring and receivables finance industry together with Demica, a leading independent global provider of working capital solutions, signed a framework legal agreement to allow FCI members to access to the FCIreverse platform. Leveraging Demica’s technology and FCI’s global network of inter-factor relationships, the partnership will enable FCI members to onboard buyers and suppliers in a transparent and seamless manner anywhere in the world. This is the first ever SCF agreement signed between a global trading network and a major technology partner.
FCIreverse will allow FCI members to expand their service offering both for domestic and international business through FCI’s unique global network of nearly 400 members in 90 countries. Pilot members have been identified and testing of the platform will now commence. FCIreverse will be made available to all members at the end of the pilot stage, estimated to be completed by year-end.
FCI celebrates its 50th anniversary by launching a second business line that opens the world to FCIreverse. Details of FCIreverse and SCF in general will be presented during FCI’s 50th annual meeting in Amsterdam, 10th-15th June 2018.
Founded in 1968, FCI is the global representative body for factoring and financing of open account domestic and international trade receivables. With close to 400 member companies in 90 countries, FCI offers a unique network for cooperation in cross-border factoring. In 2016, FCI entered into a union with International Factors Group (IFG) to create a combined global factoring network representing 90 per cent of cross-border factoring revenues worldwide.
Demica is a rapidly growing fintech providing working capital solutions to large corporates and banks with a broad range of receivables, inventory and payables finance products. The company focuses banks and multinational corporates all over the world, across industries and sectors, requiring facilities of US$50m-US$750m+. Today, over US$9bn of funding is outstanding on the platform, provided by a diverse range of banks and institutional investors.