RADIAN and Factoring
For Cerrejón it is important to keep in close touch with our suppliers regarding matters related to payment and billing processes. In this regard, we wish to report that the National Tax and Customs Directorate (DIAN, its acronym in Spanish) published Resolution 15 of February 11, 2021, which presents changes in factoring practices and addresses the management of the RADIAN platform, from which the financing system will be managed.
What do I need to know about RADIAN?
The DIAN created RADIAN, the essence of which is to register valid electronic invoices for free commercialization and where the status and traceability of events related to them can be consulted. Therefore, the invoices will be considered as TITLE VALUE, since the documents reflected in the platforms will be validated by the DIAN.
IF you register an electronic invoice on the RADIAN platform, it can be marketed through the different factors that exist in the market; these invoices will have different annotations, which will serve to carry out the following validations:
- That the electronic invoice has the correct structure stipulated by the DIAN.
- That it is registered on the DIAN platform with a valid CUDE or CUNE.
- Acceptance of the document by the invoice recipient and validation that it is not rejected.
- Validation that the document does not have any circulation restriction.
- The invoice must have an expiry date later than the negotiation date.
- It must not be cancelled.
If these verifications are satisfactorily met, the document will proceed to circulate on the market, which will consist of the following steps:
- Acceptance
- Electronic endorsement
- Limitations to the bill of sale
- Electronic bill payment notice
- Guarantees on the invoice
We invite you to register in the RADIAN once the platform is implemented, and thus have all the benefits of this service. We will be informing you as soon as said implementation occurs, and at that time we will send you the instructions so that you can proceed to enroll.
In the following links you can access the talks and the training material that we have gathered on the subject for our suppliers, contractors, and employees.