FCI and FIBA Sign MOU to Advance Accounts Receivable Financing in the Americas

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Aug 07, 2024, 16:25 ET

MIAMI, Aug. 7, 2024 /PRNewswire/ -- FCI has announced the signing of a Memorandum of Understanding (MOU) with the Financial & International Business Association (FIBA). This MOU establishes a framework for collaboration to enhance the accounts receivable financing industry across North, Central, South America, and the Caribbean.

The collaboration will focus on various areas of interest, determined through joint consultations. These efforts will leverage the strengths, competencies, and resources of both parties. Regular meetings will be held to discuss the joint initiatives, programmes, and projects, ensuring a well-coordinated approach to advancing the accounts receivable financing industry in these regions.

The fields of cooperation, aimed at benefiting members as well as the American markets, include:

Education and Training: Development and implementation of education and training programs for legal and regulatory professionals.
Advisory Support: Providing advisory support on legal and regulatory matters related to factoring and supply chain finance.
Regulatory Assistance: Assisting in understanding and implementing the regulatory framework governing factoring.
Industry Standards: Promoting awareness and compliance with industry standards and best practices.
Research Collaboration: Engaging in joint research initiatives in the field of factoring and supply chain finance.
Awareness Initiatives: Raising awareness and knowledge about receivables financing and related technologies through joint initiatives.
Financial Solutions Promotion: Promoting solutions between FIBA and FCI members to support their international factoring and supply chain finance operations, including export financing and risk coverage of import payments, and FCI's Two Factor System model.
Seminars and Events: to promote new financial solutions using advanced financial engineering techniques focused on international factoring operations.
Partnership and Networking: Jointly promoting partnership and networking activities and stimulating international experience-sharing to strengthen knowledge and capacity.

Neal Harm, FCI Secretary General, stated: "The MoU recently signed between FCI and FIBA signifies a partnership to strengthen and grow open account trade finance across the Americas. By combining our expertise and resources, we will provide SMEs greater access to innovative financial solutions driving trade finance deeper into the supply chain through our member financial institutions."

David Schwartz, FIBA President & CEO stated: FIBA is dedicated to bringing to the financial sector the "Best Practices" for risk mitigation and techniques to optimize the management of working capital and liquidity invested in supply chain processes. The knowledge and resources that FCI will provide under the MOU and partnership will greatly strengthen our ability to carry out this mission.

SOURCE FIBA