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Standardising factoring terms across EU: what does it mean?

Release of a new tool for standardising terms used in factoring arrangements across the European Union.

The EUF has launched a new software tool that allows users instantly to translate the expressions and descriptions included in the EUF’s unique glossary of Factoring and Commercial Finance Industry terms.

The EU Federation is the representative body for the factoring and commercial finance Industry in the European Union, comprising national and international industry associations that are active in the region. The organisation acts as a source of reference and expertise between the factoring and commercial finance industry and key legislative decision makers across Europe.

Improving cross-border factoring

The EUF’s new application provides users with an immediate translation of terms into each one of the languages for which the glossary is available. Access is available directly from the homepage of the EUF website in the “Glossary” section.

“This is clearly a real and positive step ahead towards a common understanding of the information and terms among the different EU countries and again witnesses the efforts of the EUF to achieve the establishment of a common language in the Industry,” commented John Gielen, Independent Chairman of the EUF.

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