The move will enable its network of 400 banks and factoring firms to fund their clients’ suppliers anywhere in the world.
Under the name FCIreverse, the initiative will be based on the Demica platform, with the first pilots expected to be launched in Q3 2017.
Demica, a provider of working capital solutions, already facilitates the funding of over USD 60 billion of trade receivables a year for more than 3,000 corporates and SMEs in Europe, North America and Asia.
Through the new platform, FCI members will be able to partner with other users who have the necessary licences and operational capabilities to onboard suppliers in countries where they themselves do not operate.
The platform will be open to the network’s members on a pay-as-you go basis, which the FCI says will allow smaller members who focus on companies with less than USD 1 billion in revenue to economically offer reverse factoring.
FCI selected Demica out of three finalists after an extensive request for information process in 2016 and a request for proposals in 2017.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now