The Board of the BCRA has commissioned the Superintendence of Financial and Foreign Exchange Institutions (Superintendencia de Entidades Financieras y Cambiarias, SEFyC) to create a registry of platforms through which micro-, small- and medium-sized enterprises (MSMEs) may obtain financing. The platforms (IT applications or systems) used by MSMEs to carry out transactions with electronic credit invoices (facturas de crédito electrónicas MiPyME, FCEMs) will have to be registered before the SEFyC no longer than June 1. This measure aims at improving the transparency and traceability of financing transactions with e-invoices carried out by MSMEs.
Registered platforms must:
· operate only with FCEMs.
· provide services of factoring, assignment, discounting and/or negotiation of invoices in accordance with Section 13 of the Productive Financing Law.
· enable financial institutions and non-financial credit providers to operate as buyers.
· refrain from taking credit risk or guaranteeing—neither directly nor indirectly—any transactions carried out through them.
· hire payment service providers or financial market infrastructures authorized by the BCRA for payment upon delivery transactions.
· uphold standards and other guidelines for good practices in terms of transparency, administration and management of information.
· comply with the relevant reporting system.
These platforms play a vital role for MSMEs on the following grounds: they may connect their systems to those of public bodies, streamlining the follow-up of FCEMs that have not been accepted (either expressly or impliedly); and they make it easier to negotiate FCEMs because they are offered to a larger number of institutions, and MSMEs are free to choose the institution that charges the most convenient discount rate across the system.
January 19, 2023