The Experts below are selected from a list of 132 Experts worldwide ranked by ideXlab platform
Erik Hofmann - One of the best experts on this subject based on the ideXlab platform.
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Discussion---How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology: The Case of Reverse Securitisation, 2018Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
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Discussion—How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology, 2017Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
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Supply Chain Finance – some conceptual thoughts reloaded
2016Co-Authors: Erik Hofmann, Mark JohnsonAbstract:Supply Chain Finance (SCF) is an emerging topic at the intersection of logistics, supply chain management and Financing. After more than a decade of different scientific contributions and practical developments, this special issue provides recent insights on this subject. Especially during the past financial and economic crisis, when liquidity was scarce and companies faced financial constraints, many supply chains made considerable efforts to strengthen financial power. In short, companies started to implement SCF as a solution for improving supply chain-wide financial health and stability. But SCF is not only about reverse factoring or dynamic discounting. The subject encompasses inventory Financing, approved Receivables Financing (advanced factoring approaches) as well as the management of financial risks. Such financial approaches to SCM require a shift in attitudes towards collaboration that aims to leverage the best credit rating in the supply chain to the benefit of all parties involved. Thus, in exchange for extended payment terms or lowered costs of goods from suppliers, primarily large investment-grade companies provide liquidity and access to Financing at reduced costs by implementing open accounts. The role of banks and third-party service providers is changing, too. Strengthened by innovative FinTechs, the institutes have started to make multi-layered solutions, platforms combining physical supply chain logistics and financial supply chain services available to companies (e.g. like inventory off balance Financing). The disruptive power of new technologies, like the blockchain, foreshadow the upcoming developments in SCF. This IJPDLM special issue calls for more research in the field of SCF. This recommendation is based on the need to develop a more holistic understanding of the field of Financing in the context of logistics and SCM. SCF is a highly promising approach for exploiting untapped sources of Financing within inter-organizational settings under consideration of “digitalization”. Thus, practitioners as well as researchers are urged to give SCF issues and developments more serious consideration.
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Supply Chain Finance - Some Conceptual Thoughts Reloaded
International Journal of Physical Distribution & Logistics Management, 2016Co-Authors: Erik Hofmann, Mota Pedrosa, Dag Näslund, Mark Johnson, Claudia JasmandAbstract:Supply Chain Finance (SCF) is an emerging topic at the intersection of logistics, supply chain management and Financing. After more than a decade of different scientific contributions and practical developments, this special issue provides recent insights on this subject. Especially during the past financial and economic crisis, when liquidity was scarce and companies faced financial constraints, many supply chains made considerable efforts to strengthen financial power. In short, companies started to implement SCF as a solution for improving supply chain-wide financial health and stability. But SCF is not only about reverse factoring or dynamic discounting. The subject encompasses inventory Financing, approved Receivables Financing (advanced factoring approaches) as well as the management of financial risks. Such financial approaches to SCM require a shift in attitudes towards collaboration that aims to leverage the best credit rating in the supply chain to the benefit of all parties involved. Thus, in exchange for extended payment terms or lowered costs of goods from suppliers, primarily large investment-grade companies provide liquidity and access to Financing at reduced costs by implementing open accounts. The role of banks and third-party service providers is changing, too. Strengthened by innovative FinTechs, the institutes have started to make multi-layered solutions, platforms combining physical supply chain logistics and financial supply chain services available to companies (e.g. like inventory off balance Financing). The disruptive power of new technologies, like the blockchain, foreshadow the upcoming developments in SCF.
Spiros V. Bazinas - One of the best experts on this subject based on the ideXlab platform.
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Multi-Jurisdictional Receivables Financing: UNCITRAL’s Impact on Securitization and Cross-Border Perfection
Duke Journal of Comparative and International Law, 2002Co-Authors: Spiros V. BazinasAbstract:I. INTRODUCTION The United Nations Convention on the Assignment of Receivables in International Trade (the Convention) was finalized by the United Nations General Assembly and opened for signature by states in December 2001. (1) Based on a text prepared by the United Nations Commission on International Trade Law (UNCITRAL), (2) the Convention will enter into force upon being adopted by five states. (3) Its main goal is to facilitate the Financing of contractual monetary claims (Receivables), (4) including securitization (5) and related service transactions in which no Financing is provided. The preamble of the Convention explicitly identifies facilitating credit at more affordable rates and protecting debtors as goals of the Convention. These goals may well be read as an indirect reference to practices such as securitization. (6) The Convention could have "a dramatic impact on removing significant legal barriers to growth in the Financing of international trade...." (7) This article discusses briefly the ways in which the Convention may facilitate that result. (8) Part II examines the basic terminology and the scope of application of the Convention. Part III discusses the impact of key provisions of the Convention relating to the effectiveness of an assignment and, in particular, to future Receivables and Receivables that are not individually identified. Part IV addresses the impact of the main provisions dealing with the relationship between the assignor and the assignee. Part V deals with the assignee-debtor relationship, and Part VI with the perfection of assignments. Part VII discusses the independent conflict-of-laws rules of the Convention. II. SCOPE OF APPLICATION OF THE CONVENTION A. Substantive Scope of Application 1. Assignment, Assignor, Assignee, Debtor, Original Contract. "Assignment" is defined in the Convention as a transfer of property in Receivables. (9) It includes the creation of security rights in Receivables and the transfer of full property in Receivables, whether for security purposes or not. (10) "Assignor" is the old creditor in the transaction giving rise to the assigned receivable (original contract), who is normally (but not necessarily) the borrower in the Financing contract. "Assignee" is the new creditor, the lender in the Financing contract. "Debtor" is the obligor in the original contract. 2. Receivable. The Convention defines a "receivable" as a contractual monetary claim. (11) The Convention, however, excludes from its scope certain types of assignments or the assignment of certain categories of Receivables. Some assignments are excluded because there is no market for them (e.g., assignments for consumer purposes). (12) The assignment of certain categories of Receivables is excluded because they are already sufficiently regulated. Thus, additional regulation under the Convention either is not needed or could be detrimental to the relevant industry, as in the cases of assignments of "financial" Receivables, such as those arising from securities, letters of credit, and bank deposits. (13) The assignment of other categories of Receivables, namely rights of parties under negotiable instrument, consumer protection, or real estate law, is not excluded from the scope of the Convention, but the Convention cannot affect the rights of certain parties to the assignment of such Receivables. (14) Finally, the Convention allows states to exclude further practices by way of declaration. In an effort to establish the appropriate balance between flexibility and certainty with respect to its application, the Convention requires such a declaration to be specific and limits it mainly to non-trade Receivables. (15) 3. Internationality. The Convention applies to assignments or Receivables that are international at the time of the conclusion of the assignment contract. The international character of an assignment or a receivable is determined by the location of the assignor, the assignee, or the debtor. …
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multi jurisdictional Receivables Financing uncitral s impact on securitization and cross border perfection
Duke Journal of Comparative and International Law, 2002Co-Authors: Spiros V. BazinasAbstract:I. INTRODUCTION The United Nations Convention on the Assignment of Receivables in International Trade (the Convention) was finalized by the United Nations General Assembly and opened for signature by states in December 2001. (1) Based on a text prepared by the United Nations Commission on International Trade Law (UNCITRAL), (2) the Convention will enter into force upon being adopted by five states. (3) Its main goal is to facilitate the Financing of contractual monetary claims (Receivables), (4) including securitization (5) and related service transactions in which no Financing is provided. The preamble of the Convention explicitly identifies facilitating credit at more affordable rates and protecting debtors as goals of the Convention. These goals may well be read as an indirect reference to practices such as securitization. (6) The Convention could have "a dramatic impact on removing significant legal barriers to growth in the Financing of international trade...." (7) This article discusses briefly the ways in which the Convention may facilitate that result. (8) Part II examines the basic terminology and the scope of application of the Convention. Part III discusses the impact of key provisions of the Convention relating to the effectiveness of an assignment and, in particular, to future Receivables and Receivables that are not individually identified. Part IV addresses the impact of the main provisions dealing with the relationship between the assignor and the assignee. Part V deals with the assignee-debtor relationship, and Part VI with the perfection of assignments. Part VII discusses the independent conflict-of-laws rules of the Convention. II. SCOPE OF APPLICATION OF THE CONVENTION A. Substantive Scope of Application 1. Assignment, Assignor, Assignee, Debtor, Original Contract. "Assignment" is defined in the Convention as a transfer of property in Receivables. (9) It includes the creation of security rights in Receivables and the transfer of full property in Receivables, whether for security purposes or not. (10) "Assignor" is the old creditor in the transaction giving rise to the assigned receivable (original contract), who is normally (but not necessarily) the borrower in the Financing contract. "Assignee" is the new creditor, the lender in the Financing contract. "Debtor" is the obligor in the original contract. 2. Receivable. The Convention defines a "receivable" as a contractual monetary claim. (11) The Convention, however, excludes from its scope certain types of assignments or the assignment of certain categories of Receivables. Some assignments are excluded because there is no market for them (e.g., assignments for consumer purposes). (12) The assignment of certain categories of Receivables is excluded because they are already sufficiently regulated. Thus, additional regulation under the Convention either is not needed or could be detrimental to the relevant industry, as in the cases of assignments of "financial" Receivables, such as those arising from securities, letters of credit, and bank deposits. (13) The assignment of other categories of Receivables, namely rights of parties under negotiable instrument, consumer protection, or real estate law, is not excluded from the scope of the Convention, but the Convention cannot affect the rights of certain parties to the assignment of such Receivables. (14) Finally, the Convention allows states to exclude further practices by way of declaration. In an effort to establish the appropriate balance between flexibility and certainty with respect to its application, the Convention requires such a declaration to be specific and limits it mainly to non-trade Receivables. (15) 3. Internationality. The Convention applies to assignments or Receivables that are international at the time of the conclusion of the assignment contract. The international character of an assignment or a receivable is determined by the location of the assignor, the assignee, or the debtor. …
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An International Legal Regime for Receivables Financing: UNCITRAL’s Contribution
Duke Journal of Comparative and International Law, 1998Co-Authors: Spiros V. BazinasAbstract:Receivables, claims for the payment of money, play an extremely important role in the overall scheme of asset-based Financing. In developed countries, the bulk of corporate wealth is locked up in Receivables. Assignments provide the primary legal framework for Receivables Financing, yet the legal regime governing assignment is either uncertain, fragmentary or outdated. Thus, in 1995 the United Nations Commission on International Trade Law (UNCITRAL)
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an international legal regime for Receivables Financing uncitral s contribution
Duke Journal of Comparative and International Law, 1998Co-Authors: Spiros V. BazinasAbstract:Receivables, claims for the payment of money, play an extremely important role in the overall scheme of asset-based Financing. In developed countries, the bulk of corporate wealth is locked up in Receivables. Assignments provide the primary legal framework for Receivables Financing, yet the legal regime governing assignment is either uncertain, fragmentary or outdated. Thus, in 1995 the United Nations Commission on International Trade Law (UNCITRAL)
Nicola Bosia - One of the best experts on this subject based on the ideXlab platform.
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Discussion---How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology: The Case of Reverse Securitisation, 2018Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
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Discussion—How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology, 2017Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
Urs Magnus Strewe - One of the best experts on this subject based on the ideXlab platform.
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Discussion---How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology: The Case of Reverse Securitisation, 2018Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
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Discussion—How Does the Full Potential of Blockchain Technology in Supply Chain Finance Look Like?
Supply Chain Finance and Blockchain Technology, 2017Co-Authors: Erik Hofmann, Urs Magnus Strewe, Nicola BosiaAbstract:Having summarised the key findings from the application of this technology for approved payables Financing techniques, it has become clear that there is greater potential for SCF instruments that are initiated earlier in the supply chain process. For these instruments, the risks are higher, and the visibility of the physical flow of goods is a key element of an effective SCF for which the blockchain offers interesting uses. For this reason, we extend the scope of the research and analyse the other principal SCF techniques in order to cover all principal Financing solutions along the supply chain (i.e. purchase order [PO] Financing, inventory Financing and Receivables Financing). This could help to identify possible future research opportunities on the topic of blockchain-driven SCF.
Bruce A. Markell - One of the best experts on this subject based on the ideXlab platform.
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UNCITRAL’s Receivables Convention: The First Step, But Not the Last: A Comment on Bazinas
Duke Journal of Comparative and International Law, 2002Co-Authors: Bruce A. MarkellAbstract:In Multi-Jurisdictional Receivables Financing: UNCITRAL’s Impact on Securitization and Cross-Border Perfection, Spiros Bazinas gives us a masterful summary of the potential benefits of the new Convention on the Assignment of Receivables in International Trade (the Convention) for securitization. Moreover, he has collected references to many of the commentaries on early drafts of the Convention. In the face of such a complete and worthwhile job, there is little to add by way of detail. There may be, however, room to enumerate the hurdles that the Convention must still surmount. Among these are the effort to introduce not just different legal concepts to different legal systems, but concepts that, in some respects, are contrary to the current law of those systems. In addition, the Convention is a sophisticated legal document, finely crafted after many years of debate, and well drafted by Mr. Bazinas. As such, however, the Convention may be difficult to
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UNCITRAL's Receivables Convention: The First Step, but Not the Last
Duke Journal of Comparative and International Law, 2002Co-Authors: Bruce A. MarkellAbstract:I. INTRODUCTION In Multi-Jurisdictional Receivables Financing: UNCITRAL's Impact on Securitization and Cross-Border Perfection, (1) Spiros Bazinas gives us a masterful summary of the potential benefits of the new Convention on the Assignment of Receivables in International Trade (2) (the Convention) for securitization. Moreover, he has collected references to many of the commentaries on early drafts of the Convention. In the face of such a complete and worthwhile job, there is little to add by way of detail. There may be, however, room to enumerate the hurdles that the Convention must still surmount. Among these are the effort to introduce not just different legal concepts to different legal systems, but concepts that, in some respects, are contrary to the current law of those systems. In addition, the Convention is a sophisticated legal document, finely crafted after many years of debate, and well drafted by Mr. Bazinas. As such, however, the Convention may be difficult to incorporate into domestic legal regimes that are not accustomed to such detailed legislative drafting. These concerns might be labeled procedural, but I think that they stand as practical impediments to the full realization of the Convention's goals. Among other things, they indicate the need for a concentrated effort to ensure that states appreciate the importance of the Convention and adapt their domestic legal systems to incorporate its terms. In this comment, I highlight some of the more radical changes that adoption of the Convention would bring about for various legal systems and examine what types of preparation should be made to accommodate and receive such changes. In addition, I comment on the legal systems most in need of the type of Financing that should be utilized subsequent to the Convention's adoption, and what such systems must do before the Convention can succeed. None of this, however, should detract from the luster of the Convention; it is more an exploration of the next phase of the Convention's life. II. CHANGES APLENTY--FOR BOTH CIVIL AND COMMON LAW SYSTEMS The Convention tries to bring order to a variety of different legal treatments of the assignment of Receivables. The basis of the differing treatments is more than superficial; it is not an exaggeration to say that civil law and common law approaches to security radically differ from, or even contradict, each other at significant points. In this section, I will discuss some significant changes that civil law nations would be required to make, and then conclude with changes that will be necessary in some common law nations, including the United States. A. Civil Law The Civil Law generally has not looked expansively on the assignment of intangibles such as Receivables. In particular, the laws of many civil law countries do not permit assigning Receivables in bulk, (3) the assignment of Receivables not yet in existence, (4) nor do they recognize a transfer unless the person obligated on the receivable (the debtor) receives notice of the transfer. (5) Furthermore, a transfer for security of a right to payment will be invalidated if the underlying contract contains an anti-assignment clause. (6) Under current practices, these restrictions can limit the Financing opportunities available to many companies. The costs associated with describing every receivable definitively upon its creation and so notifying the debtor, may significantly impact the cost of credit, by multiplying the administrative work necessary to ensure an effective transfer. This can be detrimental to credit, in that it would require the borrower and debtor to create new agreements each time a receivable, or batch of Receivables, arose, thus greatly increasing administrative costs. This is unfortunate since Receivables are a very desirable form of credit, and with the emergence of companies based upon information technology, may be one of the few types of collateral that Financing institutions will be willing to lend against. …
