Factoring services in foreign currency
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Factor |
(Financial Agent) – JSC "Invest Finance Bank" and its regional branches. |
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Business Entity (Exporter) |
A business entity duly registered in accordance with the established procedure and engaged in export operations. |
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Foreign Importer |
The final debtor (non-resident) receiving goods under a foreign trade contract and making payment with deferred payment terms under factoring conditions. |
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Purpose of International Factoring |
Operational financing of working capital during the deferred payment period under export contracts and ensuring the exporter’s liquidity. |
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Client Requirements |
The Client’s current (demand deposit) account must be opened in the system of JSC "Invest Finance Bank". |
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Currency |
Foreign currency. |
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Factoring Amount |
In accordance with the established procedure, for export contracts registered in the Unified Electronic Information System of Foreign Trade Operations, in an amount not exceeding the amount of bank guarantees issued by foreign correspondent banks or irrevocable letters of credit under the respective contracts. |
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Factoring Term |
Factoring – up to 180 days (but not exceeding the maturity period of the accounts receivable). |
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Discount Rate |
14.99% annual |
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Types by Payment Method |
With recourse – the Bank has the right to recover the amount of financing provided from the Client. |
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Collateral |
The assigned accounts receivable (the Bank may require additional collateral, if necessary). |
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Product Benefits |
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Additional Information |
The absence of overdue accounts receivable of the Supplier under previously concluded export contracts registered in the Unified Electronic Information System of Foreign Trade Operations is a mandatory condition for the provision of factoring services under export contracts. |