The International Factors Group (IFG) and the European Bank for Reconstruction and Development (EBRD) have signed an agreement to provide the latter’s trade facilitation programme (TFP) partner banks with the IFG’s online factoring course.
The IFG’s e-foundation course, which is designed for beginners in factoring and invoice financing regardless of their seniority, will be offered to the EBRD’s partner banks in English, Russian, French, Spanish and Chinese.
EBRD head of TFP Rudolph Putz explains: “This education project (…) demonstrates institutional partnership and fosters academic excellence in the EBRD countries of operation. The e-foundation course in factoring will provide essential theoretical knowledge about receivables finance and its practical aspects. In times when access to working capital remains limited, factoring provides an alternative approach in financing trade transactions.”
The online course aims to give participants basic knowledge and skills to sell and process factoring transactions in line with international standards while avoiding operational risks inherent to invoice financing. Its objective is also to help issuing bank staff members and their clients better structure trade transactions and identify opportunities where factoring could be used as a financing tool.
IFG secretary general Erik Timmermans says: “The e-foundation course will give [the] EBRD’s partners access to proven quality education in factoring that will help them understand, develop and deliver a key solution for supporting businesses in the real economy.”