Neu-Isenburg, September 2023 – efcom is now a member of the International Trade and Forfaiting Association (ITFA). The ITFA is the worldwide trade association for companies, financial institutions and intermediaries involved in global trade, forfaiting, supply chain and receivables financing. Founded in 1999, the association currently has around 300 members in over 50 countries. Forfaiting is an instrument used primarily for export financing. In contrast to factoring, forfaiting involves the sale of individual receivables for a large amount, with payment terms of several years. In addition, forfaiting does not provide any services other than collection. Forfaiting can be completely mapped with the ef3 and efX software developed by efcom. In addition, the following financial instruments can be mapped with efcom applications: reverse factoring, which plays an important role in trade chain financing worldwide, and ABS (asset-based securitisation).
“From our point of view, ITFA membership is another step towards global networking and partnerships,” affirms Federico Avellán Borgmeyer. “As part of the ITFA community, we have even better access to the association’s comprehensive range of knowledge and events, and at the same time we can position ourselves as a provider of highly efficient and flexible software for all players in the global trade finance sector.” efcom is one of the leading providers of factoring solutions in Europe and has been actively shaping the industry for more than twenty years. In addition to ITFA, efcom has been a sponsoring member of FCI, the global factoring association, for several years.