On 26 September, Alvantia participated in the Annual Convention of the Mexican Factoring Association (AMEFAC), held this year at the Marriott Reforma Hotel in Mexico City. At the event, companies, authorities and institutions involved in the factoring field analysed global trends in the sector in terms of regulations, legal framework, macroeconomic perspectives and new markets, as well as funding alternatives.
Alvantia, represented by his CEO Roberto Gutiérrez Bezanilla and its Managing Director in Mexico Ignacio Felgueroso Arias, participated for the second consecutive year with a presentation on the differences in value of the company in Mexico and its proposals for the future of the sector. Machine Learning, Confirming Supplier Onboarding and business digitisation were the proposed lines of action to generate disruptive innovation in the commercial financing sector, both from the technological and functional point of view of the products.
The first line of action, Machine Learning, offers a range of possibilities, from the early detection of risks to support in decision-making and predicting funding needs. The second line (supplier onboarding) guarantees regulatory compliance for the purposes of the Prevention of Money Laundering and Financing of Terrorism, which is especially important for operating in the Mexican market. Finally, business digitisation offers benefits which include the possibility to improve the automation of processes, reduce loads and operational risks, guarantee the traceability of operations and establish bridges for communication with third parties.
Ángel Espaillat, chairman of AMEFAC, revealed in his speech that according to data provided by the association, financial factoring in Mexico registered a figure of 531 billion pesos at 2017 year-end, recording a growth over time of between 6% and 12%.
The country’s main regulators (CNBV, CONDUSEF, RUG and SAT) also presented some guidelines so that entities can adapt in a correct and timely manner to the applicable regulatory obligations, sharing good business and professional practices.
Representing the tax administration service (SAT), Fernando Martínez Cos addressed the status of the electronic invoice in Mexico, also known as the “Online Digital Tax Invoice” (CFDI), explaining the progress and changes implemented in the CFDI both in Mexico and in other countries around the world.
For the purposes of producing the electronic invoice, normally each country creates a payment plug-in to prevent possible fraud and takes a fiscal approach to the electronic invoice, which also has an impact on financial factoring.
In summary: during this intense day, which focused on the prevention of money laundering, single guarantee registration, the electronic signature for factoring contracts and the participation of FinTech in the market, Alvantia had the opportunity to share its deep functional and technological expertise, establishing new collaboration channels with the heads of the attending bodies to tackle the challenges currently faced by the sector in the country and make the most of its opportunities.