Today, Centric and FCI announce the rebuilding of FCI’s widely used cross-border factoring platform. Over the past decade, Centric has already been managing, hosting and maintaining FCI's platform, called edifactoring.
FCI provides a platform for cooperation on international factoring for close to 400 banks and financial institutions in more than 90 countries. International factoring is based on the concept of providing working capital financing solutions against an exporter’s foreign-denominated receivables.
Rebuilding the underlying technology
As the market leader, FCI members accounts for more than half of the total global annual factoring volume. Over 30 billion euros in transactions are exchanged annually via the edifactoring platform. To ensure that the platform becomes more durable, meets better with current and future information and security standards, FCI in consultation with Centric has chosen to rebuild the underlying technology.
Existing platform with a class-leading user experience
In addition to modernizing the technical platform, edifactoring will also be equipped with a brand new modern user interface, which is based on a modern framework, providing a best-in-class user experience. Users will get fresh new screens, with functionality that is appropriate to a modern web application.
After the rebuilding, edifactoring is ready for a future in which FCI has big plans with the platform in terms of new functionality and connections with third party systems. The new platform technology will also allow FCI to anticipate faster and easier with blockchain and other new technological developments.