Established by the factoring industry under the umbrella of the Association of Financial Institutions (AFI), the “Central Invoice Registration System (CIRS)” entered into service in January 2015, which allows for financing by taking over commercial invoices and receivables, promotes registered finance and avoids double financing. Having no other equivalent in the world, the Central Invoice Registration System enables 61 factoring companies and 18 banks to register their trade receivables, the financing for which they act as an intermediary.
Nurol Investment Bank is included in 18 banks involved in CIRS. Since the establishment of the system, a total of 15 million invoices and receivables documents have been registered with the avoidance of 300 thousand risky transactions. With its establishment, the e-invoice ratio increased from 20 percent to about 50 percent. Running as integrated with the e-invoice system of the Revenue Administration, CIRS confirms the accuracy of e-invoices with the Revenue Administration synchronously.