Modern forfaiting has evolved considerably over the last 20 years and now encompasses many more instruments, structures and concepts than has previously been the case. As a versatile and flexible approach to raising finance for international trade, Forfaiting has considerable benefits for both providers and recipients of finance. It facilitates and enables the provision of finance to the international trade community.

ICC-IFA Partnership

In 2004, the International Forfaiting Association (IFA) launched a set of rules for the secondary market known as the IFA Guidelines and followed up in 2008 with an introduction to the primary market. The IFA went on to give the ICC an opportunity to analyse and give feedback on their guide and consequently, the two organizations decided to join forces in order to establish a new tool, the “Uniform Forfaiting Rules for Forfaiting” . The URF are a set of global rules intended to govern transactions in each of the primary and secondary markets, to the extent they are properly incorporated into the relevant contract.
Drawing on a deep pool of technical knowledge and practical experience, IFA and ICC representatives are working together to produce a robust and
functional set of contractual rules.