Friday, September 20, 2024
Home Blog Page 11

IFA Becomes ITFA

By
Ozgur Eker (CDCS)
-
0

The International Forfaiting Association has added “trade” to its name and became the International Trade and Forfaiting Association (ITFA).

The change has been announced during the organization’s annual meeting in Barcelona, September 2014.

The International Trade and Forfaiting Association, ITFA, previously known as IFA, is the worldwide trade association for companies, financial institutions and intermediaries engaged in trade and forfaiting.

Founded in 1999, and with members all over the world, the ITFA brings together banks and financial institutions who are engaged in originating and distributing trade related risk and finding creative ways to mitigate threats.

Expanding from its original focus on the purchase and discounting of simple but robust payment instruments, such as negotiable instruments and letters of credit, the forfaiting industry has embraced new instruments and created new structures to become a prominent part of supply chain finance.

The ITFA acts as a valuable forum for its members to interact and transact business together profitably and safely.

Mission Statement

The vocation of the ITFA is to be the leading international association for banks and financial institutions involved in cross-border trade and forfaiting. The ITFA working with, and for, its members will:

  • facilitate the expansion of trade and forfaiting in the emerging markets
  • continuously improve governance and best practice and shape rules, laws and documentation that affect its members and the industry
  • provide unique opportunities for marketing and networking
  • disseminate knowledge and education particularly to younger individuals and new entrants to the market
  • co-operate with partner associations across the trade finance spectrum to promote the
  • interests of its members and their treatment by regulators and legislators
  • define current and emerging challenges and build solutions in a spirit of global citizenship

Functions

It aims to raise industry standards by organizing seminars/workshops for newcomers as well as experienced members and non-members, and to provide information on education available in the market for related activities (and trade finance in general).

In addition to this role, it co-ordinates and facilitates education in association with other organisations such as Colleges and Universities.

A further role of the ITFA is to provide information – it organizes and issues general information on particular areas of interest such as Emerging Market Research and the creation/presentation of statistics.

Bolero Connects Banks with Corporations via Swift MT798

By
Ozgur Eker (CDCS)
-
0

Published on 29 September 2014 – MT 798 is a special message types created by Swift for non-bank corporates.

Non-bank corporates can connect to the Swift system via MT 798 message types.

MT 798 is an authenticated message used to exchange trade data between corporates and member banks of the SWIFT system.

The MT 798 message allows corporates to make trade finance transactions by online means such as:

  • Import Letters of Credit Application and Amendment Requests
  • Receiving Export Letters of Credit Advises
  • Guarantees/Standby Letters of Credit Application and Amendment Requests

Bolero Collaborates with Banks on MT 798

Bolero International has announced formal support for the SWIFT MT798 corporate-to-bank message set from the Bolero network.

The development is in response to requests from some of the 80-plus banks it works with to simplify back office integration for bank-to-corporate messaging.

Announcing the move at the SIBOS 2014 conference in Boston, Massachusetts, Bolero CEO Ian Kerr said:

“Support for the MT 798 was an obvious step in Bolero’s vision to moving to truly electronic international trade. This announcement demonstrates our pledge to simplifying connectivity for our banking partners. Bolero’s commitment to develop a digitized trade ecosystem is based on the vision of a fair exchange of value between all participants on the Bolero network, regardless of whether they are a bank, corporate or logistics provider.”

Bolero operates a secure, open trade-messaging platform that provides support across all trade settlement types for the exchange of documents and data.

This latest announcement deepens its longstanding commitment to provide support for multiple message types and standards across its open network, including the DTA format in Germany/Central Europe and, most recently, integration into shipping portals to provide seamless electronic Bill of Lading support.

“The Bolero vision has always stated that genuine, large-scale migration to electronic trade on an international basis will only come by developing an interoperable, multi-format network, with access via proprietary or third-party applications,” added Kerr. “I am delighted to say that support for SWIFT MT 798 is a further step towards this reality.”

Bolero has also announced that it is entering the SWIFT Partner Programme to further strengthen the relationship between the two organisations.

About Bolero

Bolero is a cloud-based platform which provides a different way to implement multi-party trade documentation solutions.

Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.

Aldermore Bank Launches New Trade Finance Product for UK importers

By
Ozgur Eker (CDCS)
-
0

Published on 01.October.2014 – According to Aldermore Bank’s trade finance team many UK importers struggle to pay for large purchases.

Aldermore’s new trade finance product provides working capital to pay suppliers at the time the goods are shipped, providing funding for the period until payment is received from customers.

Trade Finance is the second SME funding solution to be developed by Aldermore’s new Specialist Finance team.

Andrew Dixon, Director of Specialist Finance at Aldermore, said:

“Traditionally the market for Trade Finance has been an area with more demand than supply so we’re looking to address this and help the UK businesses access the funds they need to grow. Many of these companies are seasonal businesses which require a high level of working capital at certain times of the year. This often results in businesses experiencing severe cash flow pressure in their peak seasons; we want to help them through these periods by providing the finance they need to achieve their full potential.”

How Does It Work?

Using your Trade Finance facility is straightforward:

  1. Place your order with your supplier
  2. We pay your supplier against shipping documentation or open a letter of credit for up to 100% of the purchase price of the goods
  3. The goods are shipped and ultimately delivered to your customers
  4. You repay the transaction depending on your facility: Within 90 days from the transaction date OR Through an invoice finance facility with Aldermore based on the value of the invoices raised to your customers for the goods.

Key benefits

  • Funding for your trade cycle – easing the cash flow burden between placing your orders with suppliers and being paid by your customers
  • Peace of mind – our expert team handles your supplier payments for the goods, so you are able to focus on growing your business
  • Business on your terms – access to funding, as and when you need it, to buy more goods and increase your sales
  • Transparent approach – we’ll keep you informed every step of the way, clearly explaining how the facility will work and what it will cost
  • Convenience – our online client portal gives you complete visibility of your transactions

Unicredit International Internship Program

By
Ozgur Eker (CDCS)
-
0

Published on 15.September.2014 – The competition offers 40 grants to students to spend a 3-month internship at UniCredit abroad in any of the following countries: Austria, Bosnia and Herzegovina, Croatia, Germany, Hungary, Italy, Poland, Russia, Serbia.

Each grant is worth € 2,100 gross of taxes plus a fixed amount of € 1,000 for travel, visa or any other expenses.

1. General Rules

To pursue the long-standing tradition of UniCredit and reflect its European dimension, UniCredit & Universities Foscolo Foundation announces 40 (forty) grants aimed at students of UniCredit geography for a 3-month Summer Internship at UniCredit.

2. Details concerning the grants

Each grant is worth € 2,100 gross of taxes (€ 700 per month) for a 3-month period of internship within the period June-September 2015. In addition, the Foundation will pay the winners a fixed amount of € 1,000 for travel, visa or any other expenses.

3. Eligibility requirements

To be eligible for the competition, applicants must:

  1. be a citizen of any of the countries where UniCredit is present (UniCredit geography)
  2. be a university student in the fields of economics, finance, banking, management, engineering, law or similar fields, at least in her/his 2nd year of study (if undergraduates)
  3. have a very good knowledge of English
  4. have high academic performance
  5. match the specific requirements of the position she/he is applying for, if any
  6. be wishing to spend 3 months abroad in one of the UniCredit legal entities present in the countries listed in this announcement (Art.7)

The grants are aimed to do a 3-month internship abroad between June and September 2015.

4. How to apply

Candidates may only apply online using the application available on the Foundation’s website at www.unicreditanduniversities.eu.

All the documentation accompanying the application must be submitted exclusively online in PDF format and must be written in English.

In the application each candidate must indicate:

  • her/his first name, surname, nationality, taxpayer\insurance code, date and place of birth
  • her/his mailing address, including post code, as well as telephone number and e-mail address
  • indicate the position/s (maximum two in order of preference) she/he is applying among the ones published in the “List of positions” available on the website. The selection has to be considered as a preference only. We may offer a different placement according to business needs, position’s requirements and profile of the candidate
  • the preferred 3-month period between beginning of June and end of September 2015
  • whether the internship can be consider “intra-curricular”; in other words, whether the internships is a mandatory part of the academical course. In this case, a letter/certification of the University attesting it has to be included (see below)
  • that she/he has never been convicted of a crime and that she/he has never been held in preventive detention or under house arrest
  • that there are no criminal proceedings pending against her/him
  • that she/he authorizes the Foundation to process her/his personal details, pursuant to Italian Legislative Decree 196/2003

Applications must be accompanied by the following documents (in PDF format and in English). Failure to do so may result in exclusion from the competition:

  • either one certified copy of the three-year degree certificate (if any) or a certified copy of grades and exams taken with clear indication of maximum and minimum pass grade at her/his home university
  • a detailed “curriculum of educational and work experience”, which provides a comprehensive picture of the applicant’s education
  • one copy of a currently valid identification document
  • a motivation letter, where the candidate should explain her/his interest for the position and provide any element useful to assess the application
  • a letter/certification of the University attesting that the internship is part of the academic course

5. Closing date for presentation of the application

Candidates’ applications, complete with the accompanying documentation, must be delivered by Internet no later than December 31st 2014 following the procedure indicated in the aforementioned internet site. When this time limit is reached, the online application procedure will be disabled.

UNICREDIT INTERNATIONAL INTERNSHIP PROGRAM

Export-Import Bank Small Business Success

By
Ozgur Eker (CDCS)
-
0

Published on 03.October.2014 – Ex-Im Bank of United States provides a variety of financing options to US exporters, which includes working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

In fiscal year 2013, Ex-Im Bank approved more than $27 billion in total authorizations.

On Manufacturing Day, Ex-Im Bank highlights two small manufacturing businesses that support 53 jobs due to Ex-Im support

Washington, D.C. – Export-Import Bank of the U.S. (Ex-Im Bank) financing has supported Measurement Technology Northwest Inc. (MTNW) and Engineered Compost Systems (ECS), as they expand their global footprint to five countries and make plans to hire new workers to fill export orders.

MTNW and ECS are two of thousands of small manufacturers that Ex-Im Bank equips to sell made-in-America goods overseas. In FY 2013 alone, Ex-Im Bank approved authorizations for U.S. manufacturing industries totaling $8.5 billion.

MTNW develops thermal testing equipment for textile and garment systems, and line control systems including winches used in oil and gas, commercial and oceanographic applications.

ECS designs large-scale compost systems, primarily for waste companies and municipalities. The companies employ a total of 53 people.

The companies purchased an Ex-Im Bank export credit insurance policy in 2013 and recorded $11 million in total sales the same year.

Exports accounted for approximately 50 percent of the sales, half of which in turn was underwritten by Ex-Im Bank. Both companies are owned by Seattle-based small-business exporter Tim O’Neill.

“Ex-Im Bank’s export credit insurance lends small-business exporters in Washington like MTNW and ECS peace of mind so they can enter new markets abroad and support jobs at home,” said Ex-Im Bank Chairman and President Fred P. Hochberg.

“The world wants to buy the quality and innovative manufactured goods you can only find here in America. Ex-Im Bank makes sure that more U.S. manufacturers can seize that opportunity to grow through exports.”

Thanks in large part to Ex-Im Bank, ECS recently landed a contract in Poland, and MTNW has enrolled new customers in Brazil, Indonesia, Singapore, and the U.A.E. The company hopes to increase staffing by 12 to 15 percent over the course of the year.

“Ex-Im Bank export credit insurance provides the security to accept important sales contracts that preserve the jobs of 20% of our work force,” said Tim O’Neill.

“As an experienced exporter, we appreciate the ability to pick which customers need to be insured instead of having to buy a blanket policy at a much higher overall cost on the private market. At the same time, our bank appreciates the fact that our riskiest customers are covered by credit insurance, thus making access to working capital that much easier.”

Export credit insurance enables companies to increase export sales by limiting their risk of non-payment by purchasing an insurance policy, just as someone limits their risk of fire by purchasing homeowners insurance.

SWIFT Sanctions Statement

By
Ozgur Eker (CDCS)
-
0

Swift declares that any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators.

Being EU-based, SWIFT complies fully with all applicable European law.

According to the statement SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network.

SWIFT Statement

Brussels, 6 October 2014 – SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia.

SWIFT is a neutral global cooperative company set up under Belgian law.

It was established by and for its members to create a shared worldwide messaging service and a common language for international transactions.

SWIFT provides services to over 10,500 financial institutions and corporations in over 200 jurisdictions around the world.

SWIFT is a critical service provider to the financial industry and plays a pivotal role in supporting international commerce and trade.

SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure.

SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world.

As a utility with a systemic global character, it has no authority to make sanctions decisions.

Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law.

SWIFT will not respond to individual calls and pressure to disconnect financial institutions from its network.

About SWIFT

Founded in 1973, SWIFT is a global provider of secure financial messaging services headquartered in Belgium.

The Company is operated for the collective benefit of its Shareholders, to facilitate the study, creation, utilization and operation of the means necessary for the telecommunication, transmission and routing of private, confidential and proprietary financial messages.

SWIFT has a wide and growing range of financial crime compliance tools, including sanctions screening and sanctions testing services.

The cooperative’s focus is to help its users in meeting their responsibilities in complying with national and international regulations.

SWIFT is purely a messaging service provider and has no involvement in or control over the underlying financial transactions that are mentioned in their messages carried through its system.

Responsibility for ensuring that individual financial transactions comply with sanctions laws therefore rests with the financial institutions handling them, and their competent authorities.

ICC Revised Rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX)

By
Ozgur Eker (CDCS)
-
0

ICC Adopts New Set of Rules for DOCDEX

The International Chamber of Commerce (ICC) Banking Commission unanimously adopted revised rules for Documentary Credit Dispute Resolution by Expertise (DOCDEX) as of 06.November.2014.

Why Docdex Rules Have Been Revised?

When the original rules began to show their limits, whether in terms of managing the expert appointment process, dealing with unwarranted delays or struggling to find an answer to unexpected procedural challenges, it was decided in 2012 to start a comprehensive revision of the rules, in both their scope and administration.

What are the Main Amendment Points of the new Docdex Rules:

  • Enlarged scope: Building on the untapped expertise in the commission, the new DOCDEX rules enjoy an enlarged scope that make them available to any trade finance-related dispute whether or not a set of ICC Banking Commission rules applies. This enlargement, however, comes with strict conditions that ensure a peaceful transition. They include the requirement that both the claimant and the respondent consent to have their case submitted to DOCDEX where the claim relates to a trade finance instrument that is not governed by a set of ICC Banking Commission rules.
  • More transparency: The process for the appointment of experts was profoundly revised. Prospective experts are now required to state from the inception their availability, independence and impartiality to serve as appointed experts. A number of ethical safeguards are added to the process to ensure that a person having served as a DOCDEX expert is barred from any further involvement in the dispute under any other capacity.
  • More straightforward processing: One of the key attractiveness of DOCDEX is the rapidity of the decision rendering process: 30 days from the experts’ reception of the file. The new rules offer a new approach to the various submissions and communications by imposing the principle of electronic submissions according to standard templates available online. This change is expected to curb administrative delays and ultimately result in faster and better processed proceedings.

About Docdex:

First issued in 1997, and revised in 2002, the DOCDEX rules have grown to become a trusted dispute resolution system for documentary credits, demand guarantees and collections that are governed by ICC Banking Commission rules.

Jointly created by the ICC Banking Commission and the ICC Commission on Arbitration and ADR, DOCDEX is currently administered by the ICC International Centre for ADR.

Since its inception, 140 decisions have been rendered by DOCDEX panels, helping avert costly and protracted litigation.

EBRD Provides 50 Million USD Trade Finance Line to an Egyptian Bank

By
Ozgur Eker (CDCS)
-
0

Published on 11.December.2014 – The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of international trade in Egypt by providing a US$ 50 million trade facility to Commercial International Bank under the EBRD’s Trade Facilitation Programme (TFP).

USD 50 Million Trade Finance Line to the Commercial International Bank

Under this facility the EBRD will issue guarantees in favour of international commercial banks, covering political and commercial payment risks for transactions made by Commercial International Bank.

Hildegard Gacek, the EBRD’s Managing Director for the southern and eastern Mediterranean (SEMED), said:

“We are very pleased to welcome Commercial International Bank into the EBRD’s trade facilitation programme. Under the trade finance facility, the EBRD will help Commercial International Bank to extend its support to its Egyptian clients allowing Egypt’s international trade flows to grow, which will contribute to overall economic growth in Egypt.”

Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, said:

“We are delighted to have this partnership with the EBRD, which is in line with CIB’s commitment to support the Egyptian economy and underpin its growth. The Trade Facilitation Programme will help CIB to better meet its clients’ trade finance needs and expand the bank’s geographical reach by issuing trade instruments on behalf of its clients.”

Launched in 1999, the TFP aims to promote foreign trade to, from and among the EBRD’s countries of operations.

Under the programme, the EBRD not only provides guarantees to international confirming banks, but also grants short-term loans to select banks and factoring companies for on-lending to local exporters, importers and distributors.

The TFP currently includes over 100 partner banks in 23 countries where the Bank invests, with limits exceeding €1.5 billion in total, and more than 800 confirming banks worldwide.

To date, the EBRD has committed €634 million across 18 projects in Egypt in various sectors.

Under the EBRD’s Small Business Support programmes, the Bank has also provided 185 technical assistance and capacity-building support programmes, which directly benefit small and medium-sized enterprises in Egypt.

About the Commercial International Bank (CIB)

Commercial International Bank (CIB), established in 1975, is the leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net-worth individuals.

The Bank strives to provide clients with superior financial solutions to meet all of their financial needs.

CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 35 years and is the bank of choice for over 500 of Egypt’s largest corporations.

Asian Development Bank Trade Finance Survey

By
Ozgur Eker (CDCS)
-
0

Published on 16.December.2014 – Trade Finance Survey reveals that significant amount of market gap exists between small and big size companies accessing for trade finance products even if the global economy has been recovering from the effects of last financial crisis.

Existing trade finance gap hinders both economic growth and job creation significantly.

Asian Development Bank Trade Finance Survey

In 2013, the global trade finance gap was estimated at $ 1.9 trillion. Of this gap, $1.1 trillion is in developing Asia (including India and the PRC). Banks reported a global rejection rate of trade finance applications of 29%.

Case studies of factoring, forfaiting and credit insurance providers reported similar global rejection rates at between 25%–40% of proposed transactions.

However, in the company surveys, only a very few proposals for these types of finance were reported and rejection rates for these were very low with factoring at 7%, forfaiting at 3%, and credit insurance at 5%.

This suggests that these forms of finance have considerable room to expand globally.

Geographically, much of the gap in trade finance happens within Asia. Asia registered the largest share of proposed transactions at 57% of the global total.

However, Asia also received the highest proportion (79%) of global rejected transactions (see Figure 1).

Asia’s BRICs countries – India and the People’s Republic of China (PRC) – registered the highest proportion (35%) of rejected transactions.

accepted and rejected trade finance transactions

Expected Impact of More Trade Finance Support on Production and Jobs

While it is impossible to disentangle the direct impact that trade finance has on economic growth and job creation, surveyed firms offer some insight into how better trade finance access would manifest in terms of these outcomes (Figure 2).

trade finance support and jobs

A 15% increase in access to trade finance would increase production by 22%. Respondents noted that a 15% increase in trade finance support would enable firms to hire 17% more staff.

The Certificate of Finance in International Trade Cofit

By
Ozgur Eker (CDCS)
-
0

Published on 01.January.2015 – Participants of this certificate programme should attend a four week long course at Malta University.

In 2015, two course sessions have been scheduled:

  • winter certificate session between 16 to 28 February 2015 and summer certificate session between 1 to 13 June 2015.

Participants must attend both sessions at Malta University in order to complete the certificate programme.

The Certificate of Finance in International Trade

The Certificate of Finance in International Trade has been jointly developed by the University of Malta, International Factors Group (IFG) and FIM Bank Plc in order to meet the demands of the commercial world and offer a platform from which participants can increase their understanding of all aspects of International Trade, Import/Export Business, Logistics and Finance of International Trade.

The main objective of the programme is to deliver a competitive, industry-focused educational programme that will provide the tools needed to achieve professional development goals in the finance of international trade.

The emphasis throughout will be on the practical aspect of real life international trade scenarios.

Benefits for the Participant

  • COFIT offers a unique learning experience in a truly international environment.
  • Successful students receive a University Certificate with 30 ECTS
  • It is the only university program focused on all aspects of Finance of International Trade
  • COFIT will help you understanding the interaction between different forms of finance available in international trade
  • It will provide you a core of essential knowledge to help build your career in International Trade
  • COFIT is hard work, but will also give you a network of new friends from all over the world

Programme Syllabus

The programme is built around 4 residential modules of 1 week each.

Module 1: “The Global Environment for International Trade”

  • Lecturers: Academics from the University of Malta
  • Topics will include: Introduction; Documentary Collections, Interpretation of Accounting Statements, International Trade Overview, Comparative Advantage and Ricardian Model, The Political Economy of Trade Policy / Developing Countries, Interpretation of Economic Statistics.

Module 2: “Products and Practical Applications of Trade Finance”

  • Lecturers: Experienced Practitioners from FIMBank
  • Topics will include: Financial Instruments supporting Trade finance, Trade Based Money Laundering and Financial Crime, Structured Commodity Finance, The Risks and Challenges of International Trade and Forfaiting.

Module 3: “Tools and Techniques for International Trade Finance”

  • Lecturers: Academics from the University of Malta
  • Topics will include: International Business Financing, Aspects of International Marketing for the Banking Industry, Developing Countries: Growth, Crises and Reform,International Business Financing, Islamic Finance and Emerging Markets.

Module 4: “Commercial Finance”

  • Lecturers: Experienced practitioners from IFG
  • Topics will include: Introduction to the different forms of Commercial Finance (Factoring, Invoice Discounting, Asset Based Lending, Reverse Factoring, Supply Chain Finance), Foundation skills in Marketing, Sales and Account Management in Commercial Finance, Risk Management, Fraud prevention, Legal Aspects in Commercial Finance.

For more information please download Cofit 2015 brochure from here.

1...101112...36Page 11 of 36

MOST POPULAR

Load more

LATEST POSTS

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

Newspaper is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the entertainment industry.

Contact us: [email protected]

FOLLOW US

© Newspaper WordPress Theme by TagDiv