FIMBank vows support for FCIReverse platform

(source: Unsplash/Crew)

Last Updated on Monday, 17 June, 2019 at 1:55 pm by Christian Keszthelyi

First International Merchant Bank (FIMBank) supports FCIReverse, an automated platform that allows members to on-board buyers and suppliers in what they tag as a “transparent and seamless manner” globally, according to a FIMBank press statement.

FIMBank says it “owns a strong position” in contributing to the development of this platform.

The bank is, in fact, highly active in major export markets such as India, the Middle East and Egypt, where it can partner with FCI — the global representative body for factoring and financing of open account domestic and international trade receivables — members through the 3+ and 4 “corner model”, according to the press release.

The bank’s global presence and specialised teams allow it to effectively implement FCIReverse type facilities.

FIMBank’s presence in import markets will be a key business driver for other participants in the program, under revenue sharing agreements. FIMBank shares were listed in June 2001 in Malta for the first time.

The FIMBank Group has built an international factoring network — securing debt collection and improving cash flow. The Bank’s Mediterranean Factoring Department (MED) factors in Malta, offering a comprehensive range of factoring services.

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