Vereinigung von forfaitierenden Instituten in der Schweiz

Welcome to the VEFI-Website!

Founded in 1978, the Association of Forfaiters in Switzerland (VEFI) this year celebrates its 40th anniversary. It 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 20 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 Summer Cocktail

Date: 18th August 2020 at 17:30 p.m.
Location: Swiss Re Boat House, Zurich
Subject to end of coronoavirus restrictions.


VEFI Annual General Meeting on 7th May 2020

Developments around the coronavirus and the measures put in place by the Swiss authorities had a profound impact on the conducting of the 2020 Annual General Meeting.

It wasn't possible to physically participate and voting rights where exercised through an independent proxy.

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. Joëlle Schmidt has been re-elected while Yun-Mi Wertnik from UBS and Nelly Hunter from Credit Suisse have been newly elected as board members.
Özlem Demir and Dimitri Di Silvestro have stepped down from their position, and the Board says "thank you" for the many years of fruitful cooperation in our team. We wish you all the best and hope to see you soon at one of our events.

Martin Diggelmann has been re-elected as VEFI auditor, while Nathalia Benjamin from Habib Bank AG Zurich has been elected as new auditor, following Yun-Mi's decision to become our new treasurer.

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 the past year.

VEFI Bowling and Jass Championship postponed to 2021

Due to the ongoing concerns and restrictions around coronavirus the VEFI board has decided to postpone the Bowling and Jass Championship to the next year.

Further, all the other events for 2020 have now been confirmed. Please see below in the events-section regarding the dates and venues.

The VEFI and ITFA Christmas Cocktail was held on 17th December 2019

This time, the event took place at the magnificient Haus zum Rüden, a building originating from the 13th century, right at the river Limmat. The event was very well attended. Again forfaiting veterans and founding members of VEFI were participating and helped to make this evening a great success.

We thank ITFA for their continuing support to make this great event possible.

Changes to the VEFI-Board

As he has started a new challenge within Credit Suisse AG, Dimitri di Silvestro has decided to step down from his role as VEFI-Board member as of 31st of October 2019. The VEFI-Board thanks Dimitri for his great support and commitment during the recent years.

The VEFI-Board is pleased to announce that Nelly Hunter, from Credit Suisse (Switzerland) AG, is prepared to stand as candidate for Board member at the next Annual General Meeting. The VEFI-Board supports her candidature and would very much welcome her election. In the meantime, Nelly has declared that she will support us in organising the 2020 events.

The VEFI Economic Outlook was held on 24th October 2019

A very interesting speech on the future of Europe was held by Dr. h.c. Beat Kappeler, well known journalist and author. Further, the event was another great occasion for our members to stay in touch and getting to know interesting new people during an excellent lunch that followed the speech.

The VEFI Summer Cocktail was celebrated on 22nd August 2019

This year, our traditional VEFI and ITFA Summer Cocktail was held at the premises of Credit Suisse Uetlihof. We were blessed by a warm summer evening on their rooftop terrasse, and many members joined us for anther successful event.

We thank Credit Suisse for making possible another opportunity for networking.

The VEFI Bowling- and Jass Championship took place on 15th March 2019

Another great event, giving the members the opportunity to networking, also with international guests, in a casual environment at the traditional Restaurant Schützenruh in Zürich.


Dieter von Boddien, born in Hamburg (Germany) in 1967, serves as Chairman of VEFI. He 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. Mr von Boddien studied in Fribourg (Switzerland) and has a Licentiate degree in business science.
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).
Yun-Mi Wertnik, Swiss, born in Seoul (South Korea) 1966, serves as Treasurer of VEFI elected in May 2020. She started her financial career at Credit Suisse AG in 1996. Amongst others she has previous experience as Relationship Manager APAC PB, as Sales Manager Cash and Sales Trade Finance Syndication. Since 2018 she is Head of Trade Finance Syndication at UBS Switzerland AG. Yun Mi Wertnik holds a higher business diploma VSK (Höheres Wirtschaftsdiplom VSK) and a diploma of the Zurich Dance Academy (former Schweizerische Ballett Berufschule Zürich)



15th December 2020 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
29th October 2020 at 11:30 am
VEFI Education and Networking Event
Haus zum Rüden
18th August 2020 at 5:30 pm
VEFI-Summer Cocktail 2020
Swiss Re Boat House
7th May 2020 at 10:30 am
41st Annual General Meeting (AGM)
Atlantic Forfaitierungs AG, Zürich


17th December 2019 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Haus zum Rüden
24th October 2019 at 11:00 am
VEFI Economic Outlook with Beat Kappeler
Haus zum Rüden
22nd August 2019 at 5:30 pm
VEFI-Summer Cocktail 2019
Credit Suisse Piazza, Uetlihof
9th May 2019 at 10:30 am
40th Annual General Meeting (AGM)
Haus zum Rüden
21st March 2019 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich


5th December 2018 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Zunft zur Waag
25th October 2018 at 11:30 am
VEFI Networking Lunch
Haus zum Rüden
24th August 2018 at 6:00 pm
VEFI 40th Anniversary Dinner
Restaurant Uto Kulm
16th May 2018 at 10:30 am
39th Annual General Meeting (AGM)
Haus zum Rüden
15th March 2018 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich


7th December 2017 at 5:30 pm
VEFI/ITFA Christmas Cocktail
Zunft zur Waag
26th October 2017 at 11 am
VEFI Economic Outlook
Haus zum Rüden
31st August 2017 at 5:30 pm
VEFI-Summer Cocktail 2017
Roof-terrace of the ZKB Head-Office
4th May 2017 at 10:30 am
38th Annual General Meeting (AGM)
Haus zum Rüden
9th March 2017 at 5:30 pm
Annual Bowling- and Jass-Championship
Restaurant Schützenruh, Zürich


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

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
Christian Chételat, Michael Ehrensperger, Riccardo Russo
Finanz AG Zürich
Phone +41 44 214 63 14
Bahnhofstrasse 52
CH-8001 Zürich
Hanspeter Rellstab
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
Postfach 1818
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 27 23 429
Global Transaction Banking
Fax +41 58 272 34 39
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
TCT Trans Continental Trade AG
Tel 078 655 04 09
Bahnhofstrasse 4
CH-6340 Baar
Möhrlistr. 97
8006 Zürich
UBS Switzerland AG
Tel +41 44 236 72 62
Bahnhofstrasse 45
Fax +41 44 239 92 34
CH-8021 Zurich
UBL (Switzerland) AG
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