FCI Launch new Edifactoring 2.0 platform
After almost 3 years in the making, Edifactoring 2.0 has officially been launched. The platform has undergone not only a facelift but also rigorous security tightening and a few new features to make the processing of messages with transactions just that much easier for our users.
The deployment of Edifactoring 2.0.
Stage 1: FCI launched the new Test Environment for users to explore the new platform.
Stage 2: The Production Environment of Edifactoring 2.0 went live on the 3rd of April 2022. Members are now able to use the upgraded platform to perform cross border factoring transactions.
Ciprian Radu, FCI manager of business and IT solutions, said:
“A special thanks goes to my FCI colleagues, ComCom and Members with their dedicated users who joined the User Test Force and who provided their invaluable feedback and expertise to make this new version possible.”
FCI’s secretary general, Peter Mulroy, said at the announcement: “Edifactoring 2.0 is the leading high-security digital platform for all FCI Members, supporting their two-factor business using only the latest and best technology. We look forward to seeing this new version lead the industry to new hights and higher trade volumes”
The history of Edifactoring
FCI’s Edifactoring platform has been running for the past 20 years and has seen over 300 members use the platform. The online platform is highly trusted by its users and runs on FCI’s legal structure with a community of users that have all been approved by FCI. Edifactoring has seen a net turnover of nearly half a Trillion Euros over the past decade and continues to grow exponentially as the industry and platform expand.
One of the biggest challenges in cross-border factoring is the inability of companies to understand foreign languages and local laws when it comes to collecting the payment, so FCI’s two-factor platform helps bridge this gap by allowing local factors to communicate with each other in one safe and transparent place.
What is Edifactoring?
For those unfamiliar with Edifactoring, it serves to support the two-factor business model of FCI members through a set of electronic document interchange (EDI) messages. Some of them include invoice & credit notes (MSG 9), adjustment/cancellation of invoice & credit notes (MSG 10), payment (MSG 11), invoice verification request (MSG 70), invoice verification response (MSG 74), etc. There are around 40 messages that have been developed and deployed so far on the edifactoring.com platform to facilitate factoring.