IFG launches its certification of factoring services
Addressing the needs of funding organisations to test the expertise and capabilities of factoring finance providers, IFG is pleased to offer its new and unique Certification service. Using IFG defined guidelines, the Certification process has a specific focus on the expertise, know-how, processes, procedures and controls of a factoring service provider.
Supranational institutions as well as banks and investors can use IFG Certification to facilitate the assessment of factoring finance providers and more effectively allocate their resources (such as grants for capacity building as well as debt/ equity funding) to such providers and so better serve the interests of SMEs in their target markets.
The process will consist of a set of interviews with the subject company’s staff and a review of relevant documents, processes and systems. Depending on the nature and complexity of the business this will typically require a two to three days engagement.
Certification will be undertaken by IFG via Licensed Advisors and the service will evaluate the subject companies from the key perspectives of Strategy, Structure, Risk management, Processes and Systems.
Each of these areas will be assessed in terms of expertise and impact, and will be allocated a score on the basis of a 5-level scale (from “unsatisfactory” to “exceptional”) when compared with worldwide industry standards and expectations. The Advisor will identify particular strengths, any weaknesses and opportunities for improvement and development.
Pierre Dulin of Bladex, the Foreign Trade Bank of Latin America, welcomes the development saying: “An independent assessment of capability will help better target our efforts and will certainly open new funding avenues to factoring companies supporting the businesses that can most effectively take advantage of the opportunities.”
Erik Timmermans for IFG, said: “We are delighted to roll out this new service which will allow effective benchmarking against worldwide standards and help businesses in our Industry to develop and grow.”