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The International Chamber of Commerce (ICC) has published a framework for the trade finance industry as it grapples with the challenge of better serving smaller businesses. The document, titled Reconceiving the Trade Finance Ecosystem, sets out a road map for digitally connecting and facilitating interoperation among existing trade finance networks through sets of shared standards, .
Just months after being touted for a US$7bn IPO, Greensill is no longer in business. The London-headquartered fintech spiralled into insolvency in March after insurance cover lapsed and vital funding sources were frozen.
John Basquill investigates the practices and products that propelled Greensill’s meteoric rise – and brought it crashing back to earth.
When
GTR conducted an interview with Lex Greensill in March 2020, the Australian entrepreneur – founder and chief executive of London-based supply chain finance (SCF) provider Greensill – was quick to fire a warning to the company’s traditional bank competitors.
“I think the days of supply chain finance, as it stands today, are very much numbered,” he said. “It will be replaced with a newer model that is based on big data, and I think that tectonic shift is going to impact all players in the market. We’re just at the very earliest stages of that.”
[co-author: Andrew Thompson]
At the latest Trade & Export Finance webinar, partners Geoffrey Wynne and Sam Fowler-Holmes delved into the topic of receivables financing. Given the manner in which COVID-19 has impacted businesses’ cash flow and supply chains, financing receivables has, perhaps unsurprisingly, accelerated over the past year. With the recent fallout of Greensill, the ideal opportunity arose to discuss the nature of receivables finance, the challenges facing the industry and key factors in mitigating risks and achieving the benefits the industry has to offer.
Key points from the webinar included:
Varying terminology
Financing receivables is a broad concept, and those interested may justifiably lose themselves in the varying terminology in this area. The Global Supply Chain Finance Forum (GSCFF) has provided helpful guidance, the “Standard Definitions for Techniques of Supply Chain Finance”, which aims to harmonise terminology to ensure a common understanding acr
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Many supply chain finance programs are structured on what is called a “buyer-led” or “buyer-focused” basis. In certain of these types of programs, although the bank or other financier providing the program (the “
Finance Provider”) may purchase accounts receivable represented by invoices or otherwise provide funding to a number of suppliers, the true customer of the Finance Provider is a single corporate buyer of goods and services (the “
Buyer”) for whom the program has been arranged (a “
payables finance program”).
[1] In certain other programs, a Finance Provider does not purchase the accounts receivable but instead relies only on a promise from the Buyer to make payment to the Finance Provider on supplier invoices the Finance Provider has funded (a “