This month, the Central Bank (BC) launched a system to register so-called book-entry duplicates, a type of digital document that proves that a company has amounts receivable from sales made in installments. The measure seeks to increase competition and reduce costs in the receivables anticipation market, a credit operation used by companies to transform amounts that they would only receive in the future into immediate cash. Private sector companies, such as B3, Cerc and Núclea, were authorized to register and book these duplicates. The expectation is that the system, supervised by the Central Bank, will be fully operational by the end of this year. ? In installment sales, the company delivers the product or provides the service, but only receives payment later. If you need money sooner, you can advance this amount to a bank or financial institution, paying a fee for the operation.
BC launches system that can lower interest rates in the trillion-dollar advance sales market for companies
This month, the Central Bank (BC) launched a system to register so-called book-entry duplicates, a type of digital document that proves that a company has amounts receivable from sales made in installments. The measure...
With the new system, different institutions will be able to more safely verify who is entitled to receive these amounts (understand how it will work below). The Central Bank's expectation is that this will increase competition between lenders and help reduce the interest charged to companies. The "receivables anticipation" market for both commerce and real estate developers has high potential. The flow of installment sales, according to the Central Bank, is around R$10 trillion per year, considering the invoices issued. Commerce in the Center of Recife Reproduction/TV Globo By increasing competition, the new bookkeeping system authorized by the Central Bank this week could enable lower interest rates and greater availability of credit for companies. "From the supplier's point of view, it will be something extremely simple, like pressing a button and saying: I let this bank see my duplicates. Everyone will see, and then there will be a negotiation in which they will send quotations [interest rates] to this supplier. Until the time comes for him to define who he wants to negotiate with. Once this negotiation is done, then you will have the dynamic invoice", explained Ricardo Vieira Barroso, head of Division in the Central Bank's Standards Department, to g1 in 2025. system authorized by the Central Bank, linked to the so-called "dynamic bills", will ensure that the money paid by the customer is sent directly to the financial institution that advanced the resources to the company. This reduces the risk of errors and increases the safety of operations. Furthermore, the new model will allow companies to compare offers from different financial institutions and choose the one that charges the lowest interest to advance their receivables. Today, without dynamic invoices, companies that sell products and services via invoice, including real estate developers, tend to become more dependent on the institution that issued the document. In practice, if the company issued the invoices through bank X, it may face more difficulties in seeking credit or advancing these amounts from another institution, which reduces competition and limits financing options. The advantages of anticipating sales amounts made in installments Understand how it will work The process begins with a service provision or installment sale, which generates a value receivable by the supplier. From this operation, the electronic tax document is issued and then the so-called "written duplicate", which only exists in digital format. This duplicate is then written and registered in electronic systems authorized by the Central Bank, which guarantees that the credit is valid, unique and traceable. The buyer can then confirm (or, in some cases provided by law, does not need to confirm) the payment obligation. With the duplicate registered, the supplier can anticipate this value when negotiating with banks, fintechs or other financiers. At this stage, the operation is formalized and resources are released to the supplier. The buyer is informed about the negotiation and makes payment normally, via bank slip, PIX or other instrument. Bookkeeping and payment systems work in an integrated manner to correctly direct the amount paid to the true creditor. At the end, the payment (made in installments) is settled (to the financial institution that advanced the amounts), closing the duplicate cycle safely. The transition to the new model includes a process called "listing", which allows existing contracts between financiers and suppliers to be transferred to the electronic system. Thus, these contracts remain valid and will start to take effect in the bookkeeping and registration systems. "There are several entities in the market that want to buy that right, pay the seller, and even accept receiving lower interest rates. But they feel insecure about buying that. Whoever is buying has to be sure that they will receive that resource. It gives security to those who buy and lowers the interest for those who sell the right. Both ends are better served", explained Evaristo Donato Araújo, head of Denor Division, at BC, to g1 last year. Book-entry duplicates Reproduction from BC website
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