Just as Pix revolutionized the way Brazilians pay their bills, now companies are about to experience a radical change when it comes to obtaining credit. This Tuesday (30), the Central Bank officially launches the book-entry duplicate ecosystem, which can unlock around R$11 trillion in resources for companies.
The first phase of assisted production of the new system begins in July and will profoundly change the way they obtain working capital, negotiate receivables and access financing.
The change is not trivial. Today, it is estimated that the Brazilian market generates between R$10 trillion and R$13 trillion annually in bills, but only a small portion of this volume, between 10% and 15%, is effectively used as collateral for credit operations. The expectation of the financial market is that the full digitalization of these securities will transform these receivables into safer, more transparent and tradable assets, expanding the supply of credit and reducing costs for companies of different sizes.
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The initial stage will serve to test the technological infrastructure that will support the new model. The obligation will be implemented gradually from June 2027, starting with large companies, moving on to medium-sized companies in December 2027 and reaching small companies in June 2028.
“The book-entry duplicate represents the biggest transformation in commercial credit titles since the creation of the duplicate itself, in 1936”, says Clodoaldo Pontes, executive vice-president of Business and Commercial at Evertec Brasil.
The end of paper
In practice, the duplicate ceases to exist as a physical document, with fragmented information, and becomes a document registered with entities authorized by the Central Bank and monitored throughout its life cycle. This means that issuance, acceptance, assignment, anticipation and settlement are now tracked electronically, making the document a real financial asset. This solves one of the main historical problems of the Brazilian receivables market, which was the lack of clarity and standardization of this market, in addition to legal uncertainty.
“What was previously just a commercial document between buyer and supplier now has financial value, because it is fully traceable, unique and authenticated, and can serve as a basis for credit operations”, explains Edson Silva, founder and president of Nexxera.
The change also changes the operational logic, as explained by Fernando Fontes, CEO of CERC. “The duplicate ceases to be a document subject to loss and duplication and starts to be created, circulated and settled entirely in digital media, with a unique and traceable record”, he states.
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This means there is no longer a paper duplicate, which had no credibility because someone could take it and offer it to several institutions as a guarantee of a receivable, according to Roberta Ferraz, partner and director of New Business at Fintech Monkey. “As everything is digital, the information is standardized so that all participants in this operation have access to the same data, without the risk of fraud, and providing greater guarantees to those who want to finance companies,” he said.
More credit
The main economic objective of the book-entry duplicate is precisely to expand companies’ access to credit. Research carried out by Núclea in partnership with IBPad and consultancy Môre shows that 88% of financial institutions themselves believe that the new model will increase the supply of credit in the country. For 63% of those interviewed, the main indicator of success will be precisely the expansion of available credit, while 41% are betting on reducing the cost of operations.
According to Rodrigo Furiato, vice-president of Business at Núclea, the book-entry duplicate is no longer just a regulatory agenda. “There is a very clear expectation of increased efficiency, competition and circulation of credit”, he states.
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The sector’s expectation is that greater transparency and the reduction of information asymmetry will allow new agents to start financing companies, increasing competition between banks, fintechs, FIDCs and institutional investors.
In the assessment of the financial technology company Evertec, the migration to the book-entry model could reduce the cost of working capital by between 0.3 and 0.8 percentage points per month for companies that regularly use anticipation of receivables.
Small businesses win
If large banks see book-entry duplicates as an opportunity to expand portfolios with less risk, the potential impact on small and medium-sized companies could be even more relevant, according to experts. This is because today thousands of SMEs face difficulties in accessing credit because they do not have sufficient guarantees or a robust financial history. With the book-entry duplicate, your receivables start to function as fully traceable financial assets.
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Data from Núclea shows that companies with revenues of up to R$200,000 increased the number of transactions with duplicates by 49% between 2024 and 2025, while the financial value handled grew by 125%. “Historically, an SME had restricted access to the capital market to finance its working capital. With book-entry, a well-registered receivable becomes a reliable asset for banks, fintechs and funds”, says Clodoaldo Pontes.
For Magno Lima, CEO of SPC Grafeno, the change could alter the Brazilian businessman’s own relationship with credit. “Today, many companies seek credit just to solve cash flow problems. Book-entry duplicates can transform credit into an effective tool for growth, expansion and investment”, he says.
Historical frauds
Another expected effect is the significant reduction in fraud. Historically, the Brazilian market has faced problems such as “cold duplicates”, issued without collateral in real operations, and the simultaneous assignment of the same receivable to different financiers. Bookkeeping duplicates seek to eliminate these distortions through centralized registration and mandatory interoperability between registrars.
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“The uniqueness and legitimacy of receivables are now guaranteed by the system itself. Full traceability drastically reduces the risk of duplication and increases the confidence of financiers”, states Pontes.
Challenge is technological
But not everything is rosy on this path. Despite the transformative potential, implementation is far from simple. While 82% of financial institutions already have structured strategies to operate in the new environment, companies’ preparation is still progressing slowly. The new model will require integration between business management systems (ERPs), financial platforms, bookkeeping companies, registrars and financial institutions.
For large companies, relevant operational challenges still arise. Organizations with thousands of suppliers will need to manage electronic manifestations, accept or reject duplicates and control payments destined to new receivable holders. “There is a legitimate concern with the operational execution of the transition. Interoperability and coordination between participants will be fundamental to guarantee confidence in the system”, says Rodrigo Furiato.
The credit Pix?
The comparison with Pix appears frequently among executives in the financial sector, although with an important difference: while the payment system transformed transactions between people and companies, the book-entry duplicate intends to remodel the corporate credit infrastructure.
For Leandro Vilain, CEO of the Brazilian Bank Association (ABBC), this is a structural change. “The book-entry duplicate does not just represent a normative update. It inaugurates a new way of financing Brazil that produces, innovates and undertakes.”
If the promise of unlocking a potential market of more than R$11 trillion is confirmed, the transformation could redefine the relationship between companies and credit in the country, creating a more transparent, competitive and accessible environment. The challenge now will be to make technology advance at the same speed as regulatory ambition.
