Founded in 1978, the Swiss Association for Trade and Forfaiting Services (VEFI) is the oldest forfaiting association in the world.
VEFI is the association for financial institutions and specialised companies who are active in the trade finance and forfaiting business in Switzerland. Currently, VEFI represents 17 members.
Our goals are
- to improve the general recognition of the Swiss forfaiting and trade finance market
- to share knowledge and experience among our members
- to introduce exporters, importers and financial institutions to the benefits of forfaiting and trade finance
- to provide networking opportunities for our members
VEFI also acts as the Swiss regional committee of the International Trade and Forfaiting Association (ITFA). With members all over the world, ITFA brings together banks and financial institutions who are engaged in originating, structuring and distributing trade related risk. 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.
VEFI Summer Cocktail 2025
Date and time: 21 August 2025, 17:30 hrsLocation: Zürcher Kantonalbank Head Office, Zurich
News
VEFI Annual General Meeting – 22 May 2025
This year’s VEFI Annual General Meeting once again found its home in the stately Haus zum Rüden, one of Zurich’s most iconic guild houses. Just as the guests settled in, Zurich surprised us with a local power outage – an unexpected twist that kept lights, microphones, and even the kitchen in suspense. But thanks to the spirited improvisation of the Haus zum Rüden team, the show went on with grace, sunlight, and only the mildest touch of adventure.In the official part of the evening, Nathalia Benjamin of Habib Bank was unanimously elected to the VEFI board, following the departure of long-time board member Xiaofeng Wang. All remaining board members were also re-elected with resounding approval for another term. As for the auditor roles, Konstantinos Kalenis and Claude Lauper are taking over the reins from Martin Diggelmann and – in a double role change – Nathalia Benjamin.
A notable development was the decision to adopt a new name for the association:
VEFI – Schweizerische Vereinigung für Handels- und Forfaitierungsdienstleistungen
VEFI – Swiss Association for Trade and Forfaiting Services.
This new designation reflects the broader scope of activities our members have pursued in recent years. With it, the association officially opens its doors to a wider range of companies active across the Trade Finance industry.
The board wishes to express its heartfelt thanks to Xiaofeng Wang for her years of dedicated work, countless hours of engagement, and calm wisdom that shaped many of our decisions.
Our gratitude also goes out to ITFA – the International Trade and Forfaiting Association – for generously sponsoring three events this past year. A big thank you as well to Willis Towers Watson, loyal supporters of our ever-popular bowling events in both 2024 and 2025. And, of course, thank you to all our members whose ongoing support – visible or behind the scenes – keeps the spirit of VEFI alive.
After the AGM, we were treated to an extraordinary presentation by Martin Diggelmann on the fascinating (and at times quirky) history of the Russian banking system. With a suitcase full of original documents and historical bills of exchange, Martin took us on a journey through time – featuring signatures of global celebrities and genuine gold coins. Yes, real gold. And in true trade finance fashion, both coins made it safely back to the stage. A proud moment for our honest community!
As this was Martin’s final act as an active member, the board would like to give him a standing ovation – not only for this memorable finale, but for his decades of dedicated service, his precision as an auditor, and his unmatched flair for organising the VEFI bowling event (which still carries his unmistakable signature style). We wish him all the best and above all, good health and happiness in the years to come.
VEFI Annual General Meeting will be held on 22nd May 2025 at 5 p.m.
This year's AGM will again be held in the Haus zum Rüden, one of the traditional guild houses in Zurich.After the AGM our esteemed long-standing member, Martin Diggelmann, will deliver a speech on the history of the Russian banking system, tracing its evolution from the Tsarist era to the present day. He will also share valuable insights and tips drawn from his extensive career in international banking, with a particular focus on the forfaiting business.
The speech will be held in English and followed by a flying dinner, providing an excellent opportunity for networking in a relaxed and informal setting.
VEFI Bowling Championship 2025
The Bowling and Jass Championship took place on March 18, 2025, with a record turnout of our members and guests from Switzerland and abroad. It was a fantastic opportunity for networking, filled with great fun and delicious regional cuisine. A special thanks to Willis Towers Watson for their generous support!
By the way: We have already reserved the same venue for Thursday, March 19, 2026! So please save the date.
VEFI welcomes Bayswater Capital Partners as new member
The VEFI board is pleased to announce that Bayswater Capital Partners AG, Zurich, has joined the association. Bayswater Capital Partners is a specialized project finance firm focused on Transportation & Logistics Infrastructure and Natural Resources with an emphasis on growth markets across Africa.VEFI- and ITFA Christmas Cocktail 2024
On December 12, 2024, the Association of Forfaiters in Switzerland (VEFI) held its annual Christmas gathering at one of Zurich's historic guild houses.The evening brought together members and renowned legends of forfaiting for a delightful celebration, featuring exquisite food, fine wine, and exceptional company. It was a wonderful opportunity to reconnect, share stories, and reflect on yet another dynamic and eventful year.
We extend our heartfelt thanks to ITFA for their unwavering support in making this memorable event possible.
The VEFI Board wishes you a joyful holiday season and a prosperous New Year!
VEFI welcomes IRIA SA as new member
The VEFI board is pleased to announce that IRIA SA, Geneva, a Swiss insurance broker specializing in political risk and credit insurance, has joined the association.ITFA and VEFI Education Event was held on 20th November 2024
The topic of the event was “Swiss Banks and Digital Assets – Navigating the Future of Finance”, an introduction into this interesting toping that will probably impact all of us. Speaker was Pedro Hubli, representing Zürcher Kantonalbank, who gave some interesting insights into the new technology and it's opportunities. Afterwards, members had the possibility to meet at our traditional venue "Haus zum Rüden". Lively discussions occured about various topics of interest. We thank ITFA for sponsoring this event.VEFI welcomes HFW as new member
The VEFI board is pleased to announce that HFW with their Geneva hub has joined the association. HFW is a global law firm with deep, sector-focused expertise, providing, among others, legal expertise and support for all hard and soft commodity related matters and first-class multi-jurisdictional advisory and dispute resolution legal services to the insurance sector.The VEFI and ITFA Summer Cocktail was celebrated on 28th August 2024
We held our traditional VEFI Summer Cocktail at the magnificent boat house Belvoir in Zurich. We were blessed with a warm summer evening, and many members and international guests joined us for another successful event at this very exclusive location on the lake side.We thank SwissRe and ITFA for sponsoring this great opportunity for networking.
VEFI welcomes AXA Insurance Ltd as new member
The VEFI board is pleased to announce that AXA Insurance Ltd with their Credit, Surety & CLP Team in Zurich has joined the association. They offer an ample choice of Trade- and Credit Insurance products.Save the dates: VEFI Events scheduled for 2024 - updated on 23rd January 2024
We have now reserved the venue as follows:The Bowling and Jass Championship will take place on 19th March 2024 at Restaurant Schützenruh. The AGM will be held on 16th May 2024 (from 17.30 p.m.), the Summer Cocktail on 28th August 2024 and the Christmas Cocktail on 12 December 2024. The date for the autumn event has yet to be confirmed. We recommend to all members to save the dates. The invitations will be prepared some time before the events take place.
VEFI welcomes ING Bank N.V., Amsterdam, Zürich Agency as new member
The VEFI board is pleased to announce that ING Bank N.V., Amsterdam, Lancy / Geneva branch, Zürich Agency has joined the association. ING Bank N.V., Zürich Agency offers an ample choice of Trade Finance products, including Forfaiting.VEFI welcomes ICBC, Zurich Branch as new member
The VEFI board is pleased to announce that Industrial and Commercial Bank of China Ltd., Zurich Branch has joined the association by the end of 2021. ICBC Zurich Branch offers an ample choice of Trade Finance products, including Forfaiting.Board
Joëlle Schmidt, Swiss, born 1980, has 15+ years of experience in the field of International Trade Finance, Relationship Management and Transaction Banking. She is Head Trade Finance Syndication at Zürcher Kantonalbank. Previously, she held various roles as Senior Relationship Manager of Financial Institutions in the Emerging Markets. Joëlle graduated with an Advanced Federal Diploma of Higher Education in Banking and holds a Certificate of Advanced Studies in Commodity Professional from the Lucerne University of Applied Sciences and Arts (FHZ).
Nathalia Benjamin, born in Sao Paulo , Brazil, in 1984, has joined Habib Bank AG Zurich in 2015, where she now serves as Team Leader of the Trade Finance Team. Before moving to Switzerland, she has studied at Lauder Business School in Vienna where she graduated with a master-degree in business administration, starting soon after her career in the Import/Export world.
Dieter von Boddien, born in Hamburg (Germany) in 1967, is Executive Vice President at Atlantic Forfaiting Company Ltd., Zurich. He started his career in the forfaiting and trade-finance business in 1997 with HVB Group and he held further positions with DF Deutsche Forfait and Nord/LB Group. Dieter studied in Fribourg (Switzerland) and has a Licentiate degree in business science.
Prasanna Francis was born in Bangalore, India in 1970 and has been living in Switzerland for 20 years. Prasanna has two decades of banking experience in areas of Precious Metals, Trade and Commodity Financing and he is currently doing Trade Finance Syndications at UBS Switzerland AG. Prasanna graduated with an EMBA at Private Hochschule für Wirtschaft, Zurich.
Thomas Stoiber, born in Simbach am Inn, Germany, in 1971, has joined Kessler & Co. AG in 2018, where he serves as Trade Credit Specialist. Before moving to Switzerland he was Client Executive at Euler Hermes, Munich, following his positions as Underwriter at AIG Germany and his career-start at Signal Iduna Group. He studied at University of Passau where he graduated with a master-degree in business administration. In 2020 he was awarded with the Certificate of Advanced Studies in Insurance Broking by the Insurance Institute of Switzerland/ZHAW Winterthur.
Events
2026
19th March 2026 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich
2025
3rd December 2025 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
21st August 2025 at 5:30 pm
VEFI-Summer Cocktail 2025
ZKB, Zurich
22nd May 2025 at 5:00 pm
46th Annual General Meeting (AGM)
Haus zum Rüden
18th March 2025 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich
2024
12th December 2024 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
20 November 2024 at 11:30 am
VEFI/ITFA Education Event
Haus zum Rüden
28th August 2024 at 5:30 pm
VEFI-Summer Cocktail 2024
Swiss Re
16 May 2024 at 5:30 pm
45th Annual General Meeting (AGM)
Haus zum Rüden
19th March 2024 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich
2023
14th December 2023 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
27 October 2023 at 11:30 am
VEFI/ITFA Education Event
Haus zum Rüden
31st August 2023 at 5:30 pm
VEFI-Summer Cocktail 2023
ZKB, Zurich
10 May 2023 at 11:00 am
44th Annual General Meeting (AGM)
Zunfhaus zur Saffran, Zürich
23rd March 2023 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich
2022
20th December 2022 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
27th October 2022 at 12:00 noon
VEFI Networking Lunch
Haus zum Rüden
25th August 2022 at 5:30 pm
VEFI-Summer Cocktail 2022
Almodobar, Zurich
12th May 2022 at 17:15 pm
43rd Annual General Meeting (AGM)
Impact Hub Bogen D
22nd March 2022 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich
2021
2nd December 2021 at 5:30 pm
VEFI and ITFA Christmas Cocktail
Haus zum Rüden
28th October 2021 at 11:30 am
VEFI Education Event
Haus zum Rüden
23rd August 2021 at 5:30 pm
VEFI-Summer Cocktail 2021
Swiss Re
20th May 2021 at 11:30 am
42nd Annual General Meeting (AGM)
Via Zoom
2020
7th May 2020 at 10:30 am
41st Annual General Meeting (AGM)
Atlantic Forfaitierungs AG, Zürich
About Forfaiting
Description of a Forfaiting Transaction
Forfaiting is the term generally used to denote the purchase of obligations falling due at some future date, arising from goods and services – mostly export transactions – without recourse to any previous holder of the obligation.In a simple transaction, an importer and an exporter close a commercial transaction that is embodied in a contract to exchange goods, machinery, key-turn plants, etc…for payment sometime in the near future. While closing the contract, the exporter might decide he is reticent to accept either the creditworthiness of the importer or the terms and conditions of the payments of the goods to be delivered. To reduce the credit risk, the exporter would require that the importer’s bank irrevocably and unconditionally guarantees payment upon evidence that the goods have been shipped. To totally offset his risk exposure and to bridge the deferred payment, which typically ranges from 1 month to 5-7 years after the goods are shipped, the exporter will sell the receivables (the deferred guaranteed obligation of payment) at a discount from face value (or net present value). This discounting enables the exporter to receive payment with a few days after the shipment of goods, instead of waiting for the completion of the payment period and thereby mitigates any open credit risk and transfer risk.
These receivables take the form of bills of exchange, promissory notes, letters of credit, letters of guarantee, book receivables, etc… although any form of debt could, in theory, be forfaited. The underlying debt instrument must be irrevocable, unconditional, transferable and must allow the beneficial owner to collect his money without delay or prejudice on the agreed upon collection date. Further, there must be no legal connection between the warranty on the goods and the execution of the financial arrangement.
This particular kind of financial service is particularly well appreciated in the Transitional Economies or in Emerging Markets, where it does not exist an appropriate financial network able to provide either a strong currency financing or a medium-long term financing at the competitive lending interest rates.
Transaction Diagram
The following diagram depicts a simple transaction showing parties and flow of goods, information and funds.
1) Calculate the total number of days between disbursement and maturity; adjust for non-working days and add the grace days.
2) Calculate the number of whole year periods (for annual yield) or 183-/182-day-periods (for semi-annual yield)
3) Calculate a factor as described below (basis 365/360).
4) The face value is divided by this factor to give the net value (multiplied in the case of Straight Discount).
Discount-to-yield annually compounded:
AnnualYieldFactor=(1+Y/100 x 365/360)N x (1+ Y/100 x D/360)
Y = Annual Yield Rate, N = Number of whole years (365 days), D = Number of odd days
Discount-to-yield semi-annually compounded:
SemiAnnualYieldFactor=(1+Y/100 x 183/360) N1 x (1+Y/100 x 182/360) N2 x (1+Y/100 x D/360)
Y = Semi-annual Yield Rate, N1 = Number of 183 day periods, N2 = Number of 182 day periods, D = Number of odd days
Straight discount:
StragihtDiscountFactor=(1-%/100 x D/360)
% = Straight Discount Rate, D = Number of days
The difference between a discount-to-yield and a straight discount
is that a discount-to-yield is calculated on the basis of the Net (Present) Value to achieve the Face Value (or Nominal Value); thus Net Value + Interest = Face Valuea straight discount is calculated on the basis of the Face Value to achieve the Net Value; thus Face Value - Interest = Net Value
This implies that calculating a straight discount is considerably easier (in fact a simple interest calculation) than calculating a discount-to-yield. Discount-to-yield calculations become quite complicated once compounding (interest on interest) is applied.
Let us assume the following example:
The forfaiter is about to purchase a Bill of Exchange with a tenor of exactly one year and an amount of USD 1'000'000.00. Let us further assume that the 12months-USD-Libor would be 5.75% and the margin would be 2.25%, the all-in rate would hence be 8%.
Discount-to-yield: Interest is calculated on Net Value
Interest = USD 924'974.31 * 8% * 365days / 36000 = USD 75'025.69
Face Value = USD 924'974.31 + USD 75'025.69 = USD 1'000'000.00
(Note that we are using a 365/360 days basis)
Obviously, for calculating on a discount-to-yield basis, the problem is to determine the net value. The formulae to calcualte it is described on the previous page.
Also it is clear that if we apply the same Net Value for the above transactions than the straight discount rate must be smaller than the discount-to-yield rate (remember that we are calculating interest on the face value). In fact, the forfaiter will usually quote on a discount-to-yield rate (libor + margin) and convert this rate into a straight discount yield if the customer requires so.
Straight discount: Interest is calculated on Face Value
From the above we know that the interest (yield) for 365days at 8% is USD 75'025.69. So what interest rate do we get if we calculate this interest on an amount of USD 1'000'000.00 (the Face Value)? Interest Rate = USD 75'025.69 * 36000 / (USD 1'000'000.00 * 365days) = 7.3998%
Want to download our free discounting spreadsheet?
Requires Microsoft Excel 97 E or above; 62k file size.Note: This utility is provided to you as is. We do not warrant uninterrupted or error free operation.
Under no circumstances are we liable for any of the following:
1. third-party claims against you for losses or damages;
2. loss of, or damage to, your records or data; or
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Download spreadsheet
You may use, change or distribute this worksheet as long as you mention the source "VEFI -The Association of Forfaiters in Switzerland". Terms for changing the spreadsheet see below.
The first section will help you to determine the face values based on a given contract amount
- face values are calculated by applying simple interest on the reducing balance
The second section will help you to discount notes with known face values and maturities:
- interest is calculated on a straight discount or discount-to-yield basis
- annual or semi-annual compounding is applied to yields
- 365/360 or 365/365 days basis are used
- grace days and weekends (but not bank holidays) are taken into account
- interpolated interest rates (eg. calculate the rate for a 540 days note from a given 12 months and the 2 years rate) are calculated
- matching libor ("rough") or average life libor are used
To the best of our knowledge this spreadsheet is Year2000 compliant and virus free (no macros contained).
Copyright by VEFI - The Association of Forfaiters in Switzerland
http://www.forfaitswiss.ch
Terms for changing this worksheet: To change the worksheet you have to unprotect it. You do not need a password to unprotect. We will not be able to assist you. Whatever you do (or what we did) you will have to find out yourself. If you like the spreadsheet send a friendly e-mail to our webmaster.
Members
Atlantic Forfaitierungs AG
Tel +41 44 254 53 00
Othmarstrasse 8
Fax +41 44 254 53 01
CH-8008 Zürich
SWIFT: AFCLCHZZ
Martin Fankhauser, CEO
AXA Insurance Ltd
Property and Casualty, Credit, Surety & CLP
Tel. +41 (0)58 215 75 66
Pionierstrasse 3
CH-8400 Winterthur
Head - Selected Buyer Insurance
Bayswater Capital Partners AG
Boulevard Lilienthal 38
Tel +41 44552 554 912
CH-8152 Glattpark
Finanz AG Zürich
Phone +41 44 214 63 14
Bahnhofstrasse 52
CH-8001 Zürich
Hanspeter Rellstab
Habib Bank AG Zürich
Tel +41 44 269 45 00
Weinbergstrasse 59
Fax +41 44 211 36 27
CH-8006 Zurich
HFW
Tel +41 22 322 4800
13 15 Cours de Rive
Fax +41 22 322 4888
CH-1204 Geneva
HSBC Bank plc, London
Tel +41 44 289 23 50
Zurich Branch
Fax +41 44 289 23 55
Trade & Supply Chain
eMail: zurich.trade@hsbc.com
Bederstrasse 49
Postfach 1818
CH-8027 Zürich
Shana Ristic, Shivali Sitters
Tel. +41 79 250 5538
Industrial and Commercial Bank of China Ltd., Zurich Branch
Tel +41 58 909 55 88
Nuschelerstrasse 1
Fax +41 58 909 55 77
CH-8034 Zurich
Swift : ICBKCHZZXXX
ING Bank N.V., Amsterdam
Tel +41 22 592 29 96
Lancy / Geneva branch, Zürich Agency
Fax +41 22 592 30 09
Transaction Services Sales
SWIFT: BBRUCHGT
Gartenstrasse 25
CH-8002 Zurich
IRIA SA
Place Longemalle, 16
Mob +41 79 203 81 42
CH-1204 Geneva
Mob +41 79 626 30 01
LUGANO TRADE FINANCE SA
Tel +41 (0)91 - 9116440
Via degli Albirizzi, 1
Fax +41 (0)91 - 9116449
CH-6900 Lugano
SOCIETE GENERALE
Tel +41 58 27 23 429
Global Transaction Banking
Fax +41 58 272 34 39
Talacker 50
P.O. Box 5070
CH-8021 Zurich
Swiss Re International SE
Tel +41 43 285 41 65
Zurich Branch
Mythenquai 50/60
Marilyn Blattner Hoyle, Global Head - Trade Finance & Working Capital Solutions
P.O. Box
CH-8022 Zurich
UBS Switzerland AG
Tel +41 44 236 72 62
Bahnhofstrasse 45
Fax +41 44 239 92 34
CH-8021 Zurich
ZP Software AG
Tel +41 (0)56 610 11 80
Baumgartenstrasse 4
Mob +41 (0)76 324 39 82
P.O. Box 826
CH-5200 Brugg
Zürcher Kantonalbank
Tel +41 44 292 87 13
International Business & Custody
P.O. Box
CH-8010 Zurich
Joëlle Schmidt, Head Trade Finance Syndication
Statutes
German version dated 22nd May 2025
English Translation of the version of 22nd May 2025
Contact
c/o Atlantic Forfaitierungs AG
Othmarstrasse 8
8008 Zurich
Switzerland
Phone: +41 44 254 53 00
Fax: +41 44 254 53 01
E-mail: info@vefi.ch