Bank of Ireland Commercial Finance (BICF) has announced that it has joined Factors Chain International Group (FCI), the world's largest factoring network. As a result, BICF will be able to provide Irish importers with free credit lines when their overseas supplier is availing of the services of an FCI member. "Exporters doing business with FCI members will be able to draw up to 80 per cent of the value of unpaid invoices," Mr Peadar McCanna, managing director of BICF, said.

Factoring, which allows goods to be purchased on open account without any additional costs, has a worldwide volume worth almost $400 billion (£276.6 billion), according to BICF. Mr McCanna added that growing exposure to international markets, including the Pacific Rim countries where FCI has a strong presence, had prompted the move by BICF. BICF would also be able to tap into a network of factoring companies which could provide advice on local market conditions, he said.