The monetary authority will hold an event on the topic on Tuesday (30), when it is expected to announce the start date for supervised production, a phase that will still be optional for companies. Authorizations have already been granted to registrars Cerc, B3, and Núclea, which will begin operating the receivables system, initially with a limited number of transactions. Other companies, such as SPC Grafeno and Quick Soft, are in testing cycles to also join the supervised production phase.

Digital trade receivables are estimated to move more than R$11 trillion a year, involving around 1.5 million issuing companies and more than 18,000 large debtor companies, according to a survey released this month by Núclea.

The new instrument is designed to make transactions safer and give suppliers more autonomy to advance receivables, encouraging a broader supply of credit. In practice, the change could alter the payment dynamics between large companies and their suppliers. At first, only some transactions will be carried out within the new system. Initial participants will include debtor companies and at least one supplier.

System integration

Fernando Fontes, CEO of Cerc, a Brazilian receivables registrar, said the start of supervised production also marks progress in interoperability between systems—the ability of different platforms to communicate and exchange data in a standardized way, a central feature of digital trade receivables.

“This will be a gradual movement, and I hope this transition period is put to good use,” Fontes said. He said it would be a problem if all companies left integration until the last minute. Once the Central Bank sets a date for mandatory adoption, corporate engagement is expected to increase, he added.

Although supervised production is not mandatory, some companies believe the period will help them learn and make operational adjustments. The adoption of the new receivables format in Brazil will be phased in. During the first six months of this stage, companies will need to enter the system in pairs: the drawer, or supplier, and the drawee, or debtor company. After that period, when dynamic payment slips become operational, this pairing will no longer be required. Twelve months after supervised production begins, large companies will have to use the tool.

Six months later, medium-sized companies will be required to join, followed by small companies another six months after that. The expectation, however, is that once large companies adopt the system, all businesses connected to their supply chains will be pulled in.

Banks and companies

Roberta Fortunato, superintendent for trade receivables at B3, said banks are among the first players to show interest in the supervised production phase. A financial institution is expected to bring in a debtor client, which in turn involves a supplier. According to Fortunato, the first wave should come from large banks, followed by midsize lenders. “What we have observed throughout 2026 is that large companies are moving to be effectively prepared for next year,” she said.

Fortunato said the trend is for a cascading effect along the supply chain, as suppliers tend to be incorporated once a large company starts using the system.

At Núclea, Rafael Dal Mas, superintendent for new business, said some clients, including banks and companies, are already on standby awaiting the new phase. “We expect few to start, not least because this is a pilot phase,” Dal Mas said. “The idea is to test the environment and real situations.”

Roberta Ferraz, partner and new-business director at Monkey, a receivables-advance platform, said eight companies are interested in using digital trade receivables from the very start of the supervised production phase. “The advantage of joining before it becomes mandatory is that all parties can face the least possible impact,” Ferraz said.

Petrobras model

Petrobras hired a consortium that includes Cerc and Liber in 2024 to use the model, considering both the complexity of the process and the possibility of financing clients without affecting cash flow.

The company said it sought to move early because of its significant revenue volume and the complexity of its billing structure. “[The new solution] should increase security, transparency, and control over receivables transactions, strengthening the credit market,” Petrobras said.

Today, larger companies usually organize payments according to their own schedules and negotiate deadlines based on their bargaining power. With the new instrument, that dynamic could change, since a supplier will be able to issue an invoice and, at the same time, create a registered receivable and negotiate it in the market.

Even companies that only pay bank payment slips—and in theory would not face major changes—will see their daily routines affected, since they will need to adapt purchasing processes and validation procedures for receivables registered in their names.

Payment rules

Under the rules, companies will have 10 days to respond, either accepting or rejecting the receivable. Once accepted, the supplier will be able to sell it to advance payment. Later on, this will mean that the company making the payment will deposit the money with a third party, rather than with the supplier already registered in its system.