FCI factor chain international
19681110 was established in the Netherlands and its headquarters is in Amsterdam. The organization is a worldwide consortium consisting of more than 980 factoring companies in more than 50 countries and regions. Its purpose is to provide members with uniform standards, procedures, legal basis and technical advice for international factoring services, and to be responsible for organization and coordination and technical training among member companies. The Rules of Practice for International Factoring promulgated by the International Factoring Federation has become the legal basis that the world factoring business must follow.
IFG international factoring group
IFG was founded in 1963 and headquartered in Brussels, Belgium. It is mainly dedicated to helping global factors to develop their business better. Now IFG has nearly 100 members in 50 countries, most of which are large multinational companies with good reputation. IFG established a dual factoring system for international factoring business, and in 1979 developed an electronic data exchange system (IFExchange) for data exchange between computers to support the operation of the business system. International factoring organizations have formulated systematic legal rules and documents, which are applicable to all members of the organization and others who engage in factoring transactions with members, so as to standardize and ensure the standardization and high quality of factoring services, and at the same time clarify and simplify the legal procedures of relevant legal documents involved in factoring business by members. When disputes arise in factoring transactions, the organization will also conduct arbitration according to these legal rules and documents. The most important of these legal documents is GRIF (International Factoring General Rules for International Factoring), which is jointly formulated by international factoring organizations and Factoring Chain International, and is the basic rule of international factoring business in today's world.
The main difference between the two
IFG refers to an international factoring organization or association. At present (data in 2009), three factoring companies have joined the organization, but it seems that only one can play the role of international factoring.
FCI refers to the International Federation of Factors. At present (data in 2009), banks are the main ones in China, and about a dozen banks have joined the organization.
GRIF is a legal platform for cooperation between IFG and FCI, which is different from international factoring conventions. The convention was drafted by FCI.
But the latter is formulated by the Institute of Private International Law, which is more authoritative and applicable to all signatory countries. China is a member, but not a signatory. Therefore, when conducting factoring business in China, we should imitate GRIF more. The two organizations operate independently. IFG is mainly a non-bank professional factor, while FCI is basically a major commercial bank. (Nanjing Bank has joined the ranks of FCI and IFG)