The International Forfaiting Association has added “trade” to its name and became the International Trade and Forfaiting Association (ITFA).
The change has been announced during the organization’s annual meeting in Barcelona, September 2014.
The International Trade and Forfaiting Association, ITFA, previously known as IFA, is the worldwide trade association for companies, financial institutions and intermediaries engaged in trade and forfaiting.
Founded in 1999, and with members all over the world, the ITFA brings together banks and financial institutions who are engaged in originating and distributing trade related risk and finding creative ways to mitigate threats.
Expanding from its original focus on the purchase and discounting of simple but robust payment instruments, such as negotiable instruments and letters of credit, the forfaiting industry has embraced new instruments and created new structures to become a prominent part of supply chain finance.
The ITFA acts as a valuable forum for its members to interact and transact business together profitably and safely.
The vocation of the ITFA is to be the leading international association for banks and financial institutions involved in cross-border trade and forfaiting. The ITFA working with, and for, its members will:
- facilitate the expansion of trade and forfaiting in the emerging markets
- continuously improve governance and best practice and shape rules, laws and documentation that affect its members and the industry
- provide unique opportunities for marketing and networking
- disseminate knowledge and education particularly to younger individuals and new entrants to the market
- co-operate with partner associations across the trade finance spectrum to promote the
- interests of its members and their treatment by regulators and legislators
- define current and emerging challenges and build solutions in a spirit of global citizenship
It aims to raise industry standards by organizing seminars/workshops for newcomers as well as experienced members and non-members, and to provide information on education available in the market for related activities (and trade finance in general).
In addition to this role, it co-ordinates and facilitates education in association with other organisations such as Colleges and Universities.
A further role of the ITFA is to provide information – it organizes and issues general information on particular areas of interest such as Emerging Market Research and the creation/presentation of statistics.