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Factors Chain International (FCI) and International Factors Group (IFG) announce potential union

21/07/2015 The boards of Factors Chain International (FCI) and International Factors Group (IFG) have put forward a proposal to set up a union between the two organisations. In so doing, it is expected that such a union would represent the benefits and opportunities of the global factoring industry more effectively. The members of FCI have already voted in favour. The members of IFG will vote at its annual meeting in Vienna in October. If agreement is reached, work on bringing the two organisations together will commence with a view to completion in 2016. FCI has over 275 members in 73 countries, and is the world's largest factoring network, with member transactions representing nearly 90% of the world's international correspondent factoring volume. IFG currently has around 160 members represented in 60 countries.    


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Lloyds, SocGen turn to eUCP for digital letters of credit 18/09/2026

Société Générale and Lloyds have completed a fully digital trade transaction between the UK and France, using Enigio’s technology, in what the French lender describes as a first-of-its-kind deal...more

UK Court endorsement of the letter of credit autonomy principle 18/09/2026

Although the central issue in the case of Trafigura v SONARA [2026] EWHC 1914 (Comm) concerned an anti-suit injunction to enforce the exclusive English jurisdiction clause in a sale contract, the Commercial Court's decision serves to reaffirm the principle and purpose underpinning letters of credit: that the obligation to pay under a letter of credit is autonomous and independent of the underlying trade transaction, the objective being to shift the risk of non-payment under the underlying contract from the seller to the buyer...more