In a recent interview for TXF, The International Chamber of Commerce (ICC) and Commerzbank discuss the release of ICC’s official set of definitions for supply chain finance (SCF) and its techniques – and the challenge to convince stakeholders to adopt these new definitions. Alexander Malaket – Deputy Head of the ICC Banking Commision’s Executive Committee – explains that clarity and transparency around terminology and language will produce more effective communication about SCF options and will encourage an education process among users and stakeholders across the industry.
Commerzbank’s Angela Koll – specialist in project management for trade and SCF – also features in the interview. According to Koll, the next challenge will be advocating the adoption of the document, as market participants have used their own definitions for a number of years – and will need to be convinced of the added value of harmonised terminology. Indeed, both Malaket and Koll believe that adopting these terminologies will improve efficiency and encourage a greater uptake of SCF.
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