Vereinigung von forfaitierenden Instituten in der Schweiz

Welcome to the VEFI-Website!

Founded in 1978, the Association of Forfaiters in Switzerland (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 19 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.
Next Event

VEFI Networking Lunch

Date: 27th October 2016 at 11:30 a.m.
Location: Haus zum Rüden, Zürich - Details to follow


Save the Date - VEFI/ITFA Christmas Cocktail, 1st December 2016

The VEFI board is very pleased to inform you that the VEFI/ITFA Christmas Cocktail will be held on the 1st December 2016.
Details will follow with the invitation later in autumn.

And: the next VEFI Bowling and Jass Championship will take place on the 9th March 2017!!!

New member: Kessler & Co AG, Zürich

The VEFI board welcomes our new member Kessler & Co AG, represented by Daniela Hulliger, Colin Hunter and Kerstin Rotter.

New member: Finanz AG Zürich, Zürich

The VEFI board welcomes our new member Finanz AG Zürich, represented by Jörg Hübner and Hanspeter Rellstab. We wish them all the best and success for their new business.

VEFI 37th Annual General Meeting held on 12th May 2016 in Zurich

We take the pleasure to inform that the VEFI-board has been elected for the next term:
Dieter von Boddien has been confirmed as Chairman. Gülten Dikmen, Stephan Nänny and Stefan Vögeli have been re-elected as board members.
Claude Lauper has stepped down, and the Board says "thank you" for the many years of fruitful cooperation in our team.
Joëlle Schmidt, also from ZKB, has been elected as new member to the board. Welcome, Joëlle!

Martin Diggelmann and Özlem Vieli have been elected as VEFI auditors. Thanks to Daniel Schär for his work as auditor during the recent years.
The Board would like to also express a very warm "thank you" to all members that directly or indirectly have given support to the Association of Forfaiters in Switzerland during 2015.


Dieter von Boddien, born in Hamburg (Germany) in 1967, serves as Chairman of VEFI. He is Senior 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. Mr von Boddien studied in Fribourg (Switzerland) and has a Licentiate degree in business science.
Guelten Dikmen, Swiss, born 1975, serves as Treasurer of VEFI elected in May 2011. She started her career in UBS in 1995 in Trade Finance. In 2000 she joined the Trade Finance Syndication & Forfaiting and since July 2009 heading this department. Guelten Dikmen is a holder of a degree in Business Administration (Betriebswirftschaft HF).
Stephan Nänny, Swiss, born 1965, Country Head of Trade of HSBC Bank plc, Zurich branch, serves as Board Member of VEFI elected in 2013. He joined HSBC in May 2011 with the mandate to build up the Trade business for the newly established Commercial branch in Switzerland. Before, Stephan worked for UBS AG where he held Senior Management positions in UBS’ Trade & Export Finance (TEF) business. Stephan Nänny holds a Swiss Federal Diploma in Banking and is a certified attendee of the Advanced Executive Program of the Swiss Finance Institute.
Joëlle Schmidt, Swiss, born 1980, started her career at Zürcher Kantonalbank in 2001 and has been active in international trade finance for over 10 years. In 2009 she joined the Trade Finance Syndication team and since almost 2 years she is heading this department. She has previous experience as a Relationship Manager of Financial Institutions in the Emerging Markets. Joëlle is a holder of an Advanced Federal Diploma of Higher Education in Banking (Dipl. Bankwirtschafterin HF).
Stefan Vögeli, Swiss, born 1965, serves as Deputy Chairman of VEFI. He started his career in Credit Suisse in 1995 in the Export Finance Department. In 2007 he joined the Trade Finance Syndication desk and since May 2008 heading this department. Prior to that, he worked for various financial institutions and a leasing company. Stefan Vögeli is a holder of the Swiss-Certified Banking Expert with Federal Diploma.



9th March 2017 at 5:30 pm
Annual Bowling- and Jass-Championship
Details to follow.


1st December 2016 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Zunft zur Waag
27th October 2016 at 11.30 am
Networking Lunch
Haus zum Rüden
24th August 2016
VEFI-Summer Cocktail 2016
12th May 2016 at 11:00 am
37th Annual General Meeting (AGM)
Haus zum Rüden
9th March 2016 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Frohsinn


3rd December 2015 at 5:30 pm
VEFI Christmas Cocktail
Zunft zur Waag
29th October 2015 at 11 am
VEFI Economic Outlook
Haus zum Rüden
27th August 2015 at 6 pm
VEFI-Summer Cocktail 2015
Roofgarden UBS
1st July 2015 at 10 am
Anti-Moneylaundering Seminar
Credit Suisse, Forum St. Peter
4th May 2015 at 10:30 am
36th Annual General Meeting (AGM)
Haus zum Rüden
18th March 2015 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Frohsinn


10th December 2014 at 5:30 pm
VEFI / IFA jointly organized "Christmas 2014 event"
6th November 2014 at 11 am
VEFI Economic Outlook
Haus zum Rüden
18th June, 2014 10am-12am
Anti-Moneylaundering Seminar
Credit Suisse, Forum St. Peter
20th May 2014 at 10:30 am
35th Annual General Meeting (AGM)
Haus zum Rüden
13th March 2014 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Frohsinn


5th December 2013 at 5:30 pm
VEFI / IFA jointly organized “Christmas 2013 event”
Zunft zur Waag
24th October 2013 at 11 am
VEFI Economic Outlook, Speaker: Mr Jörn Spillmann, ZKB
Haus zum Rüden
13th June 2013 10am-12am
Anti-Moneylaundering Seminar
Credit Suisse, Forum St. Peter
23rd May 2013 at 10:00 am
34th Annual General Meeting (AGM)
Haus zum Rüden
Thursday, 14 March 2014
Annual Bowling- and Jass-Championship
Muggenbühl Gaststube


5th December 2012 at 5:30 pm
VEFI / IFA jointly organized “Christmas 2012 event"
Zunft zur Waag
15th November 2012 at 11 am
VEFI Economic Outlook
Haus zum Rüden
19th Juni 2012 10 am
ZKB, International Banking
10th May 2011 at 10:00 am
33rd Annual General Meeting (AGM)
Zunfthaus zur Zimmerleuten
15th March 2012 17:30 pm
Kegel- und Jass-Abend der VEFI
Muggenbühl Gaststube


8th December 2011 at 5:30
VEFI / IFA jointly organized “Christmas 2011 event”
Zunft zur Waag
3rd November 2011 at 11 am
VEFI Economic Outlook
Haus zum Rüden
19th August 2011 10:00am - 12:00am
Compliance/Geldwäscherei Schulung
Credit Suisse, Forum St. Peter
5th May 2011
32nd Annual General Meeting (AGM)
Haus zum Rüden
22nd March 2011 5.30pm to 9.30pm
VEFI Bowling event
Muggenbühl Gaststube


9th December 2010 5.30pm
Zunft zur Waag
4th November 20100
Economic Outlook 20110
Haus zum Rüden
10th June 2010 11am-1pm
Geldwäscherei Seminar
Credit Suisse, Forum St. Peter
5th May 2010 10.30am - 2pm
31st Annual General Meeting (AGM)
Haus zum Rüden
16th March 2010 5.30pm to 9.30pm
VEFI Bowling event
Muggenbühl Gaststube

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.

A discount-to-yield or straight discount calculation takes the following steps (an Excel spreadsheet may be downloaded below):
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 Value
a 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
3. economic consequential damages (including lost profits or savings) or incidental damages, even if we are informed of their possibility.

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
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.


Banque Algérienne du
Tel +41 44 218 50 60
Commerce Extérieur SA
Fax +41 44 211 36 27
Talacker 41
CH-8023 Zürich
Osvaldo Bernales, Head of Trade Finance
Andreas Buri
Credit Suisse
Credit Suisse AG
Tel +41 44 333 63 97
Corporate & Institutional Clients
Fax +41 44 333 31 31
CH-8070 Zürich
Stefan Vögeli, Head of Trade Finance Syndications
Finanz AG Zürich
Phone +41 44 214 63 14
Bahnhofstrasse 52
CH-8001 Zürich
Hanspeter Rellstab (Managing Director)
Gazprombank (Schweiz) AG
Gazprombank (Schweiz) AG
Tel +41 44 386 86 86
Zollikertrasse 183
Fax +41 44 386 86 87
P.O. Box 1712
CH-8032 Zürich
Telex: 812644 / SWIFT: RKBZCH
HSBC Bank plc, London
Tel +41 44 289 23 50
Zurich Branch
Fax +41 44 289 23 55
Trade & Supply Chain
Bederstrasse 49
Stephan Nänny, Head Trade & Supply Chain
Postfach 1818
Tel. +41 44 289 23 76
CH-8027 Zürich
Graziano Schenardi,Trade Associate
Tel. +41 44 289 23 78
Tel +41 (0)91 - 9116440
Via degli Albirizzi, 1
Fax +41 (0)91 - 9116449
CH-6900 Lugano
SFC Swiss Forfaiting Company Ltd.
Tel +41 44 202 94 40
Stockerstrasse 58
Fax +41 44 202 94 42
P.O. Box
Salvatore Chiappinelli, CEO
CH-8039 Zurich
Tel +41 58 272 34 30
Global Transaction Banking
Fax +41 58 272 34 39
Talacker 50
Ms. Özlem Demir, Head of Trade Services
P.O. Box 5070
CH-8021 Zurich
Swiss Re International SE
Tel +41 43 285 7432
Zurich Branch
Fax +41 43 282 7432
Mythenquai 50/60
Volker Handrich, Head Trade & Supply Chain Finance
P.O. Box
CH-8022 Zurich
TAWS Verwaltungs AG
Tel +41 79 400 84 25
Hofernring 6
Fax +41 44 709 22 42
CH-8134 Adliswil
Andrej I. Djafarov, President / Managing Director
TCT Trans Continental Trade AG
Tel 078 655 04 09
Bahnhofstrasse 4
CH-6340 Baar
Möhrlistr. 97
8006 Zürich
UBS Switzerland AG
Tel +41 44 239 54 31
Bahnhofstrasse 45
Fax +41 44 239 92 34
CH-8021 Zurich
UBL (Switzerland)
Tel +41 43 499 19 20
Feldeggstrasse 55
Fax +41 43 499 19 33
P.O.Box 1176
Mr. Emdad Haider, Head of Trade Finance & Ops
CH-8034 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
Fax +41 44 292 87 94
P.O. Box
CH-8010 Zurich
Joëlle Schmidt, Head Trade Finance Syndication & Supranationals



VEFI Vereinigung von forfaitierenden Instituten in der Schweiz - Association of Forfaiters in Switzerland
c/o Atlantic Forfaitierungs AG
Othmarstrasse 8
8008 Zurich
Phone: +41 44 254 53 00
Fax: +41 44 254 53 01