On 22 November 2017, the Génova Financial Club hosted a working breakfast organised by Alvantia, in collaboration with the Spanish Factoring Association, on new management tools, electronic invoicing (e-invoicing) and the Immediate Supply of Information (ISI).
The event was attended by almost all the financial entities included in the Spanish Factoring Association, and considerable representation from other companies operating in the Factoring and Confirming market in Spain: credit and surety insurance, and an additional group of credit transfer operators that are not registered with the Association.
Carlos García Casas (Chairman of the Spanish Factoring Association) introduced and moderated the event, which included speakers such as Carlos Maza (Deputy Director General for Information Technologies – Directorate-General for ICTs at the Ministry of Industry) and Rufino De la Rosa (Director General – Directorate-General for Tax Management).
The event had three objectives:
- Sharing knowledge on two factors (e-invoicing and ISI) that are essential to the evolution of the commercial credit transfer business
- Complement the public and private sector e-invoicing forums that are held regularly
- Serve as a dynamic catalyst for the concerns and needs of commercial credit transfer business operators in their relationships with Public Administrations in this field
E-invoicing (part of the Digital Agenda) and ISI (as an amendment/update to the traditional VAT management system and how it is accounted for via the Tax Agency Electronic Office) projects have become two clear examples of successfully applying ICTs to improve the productivity and competitiveness of companies and the tax control of operations between entrepreneurs.
The requirements for companies to integrate the processes required to implement these two projects in their normal business cycles also generate a need for commercial credit transfer operators to adapt proactively.
In short, the event highlighted that Factoring and Confirming market operators will have a short period of time to assume significant changes in how they understand marketing for these products, their legal framework, risk management and managing operations linked to credit transfers so that they can at least maintain their current production positions.
Below you will find an image gallery with photos from the breakfast meeting.