Quicker method for the exchange of information on the indebtedness of business entities

Banka Slovenije has upgraded its system for the exchange of information on the indebtedness of business entities (SISBIZ). Although the name and purpose of the system remain unchanged, the new system brings two key changes, effective 1 October: (i) data and information are updated in the SISBIZ system immediately and no longer once a month; and (ii) members of the system now include leasing firms and other lenders in Slovenia, and not just banks and savings banks. These new features ensure more up-to-date data and a more comprehensive picture about the indebtedness of business entities, as the system will include data regarding non-bank credit operations and leasing and factoring operations, in addition to bank credit operations.

The SISBIZ system for the exchange of information on the indebtedness of business entities was established on 1 January 2017. The system allows lenders who are members to verify the current indebtedness of a potential borrower before the conclusion of a credit operation. It also provides business entities an overview of their own data. As administrator, Banka Slovenije ensures the proper and smooth functioning of the system. Comprehensive information regarding the functioning of the system is available on a dedicated website.

We introduced several new features in October:

• Data on the indebtedness of business entities at banks and savings banks were exchanged in the system on a monthly basis until 30 September of this year. Since 1 October, members are obliged to submit data to the system immediately following the conclusion of a credit operation and after every change, such as a delay, the payment of an instalment, or the repayment or recovery of debt.
• Data regarding the indebtedness of business entities at other non-bank members, such as leasing firms and other lenders, are also shown in the system since 1 October.

The comprehensive upgrading of the SISBIZ system provides users more up-to-date data and a more comprehensive picture of the indebtedness of business entities, and thus a way to respond to the challenges of changing circumstance in connection with the conclusion and execution of credit operations with business entities. The conclusion of credit operations is becoming an increasingly automated and rapid process. With the above-described upgrade, Banka Slovenije is following that trend.

The SISBIZ was established for the purpose of effectively assessing and managing credit risk at lenders who are members of the system in connection with the conclusion and execution of credit operations with business entities, and for the purpose of promoting responsible lending and preventing excessive indebtedness. As members of the SISBIZ system, lenders are responsible for ensuring that data are accurate and up-to-date, and for correcting erroneous data. Banka Slovenije is the system administrator, as well as the supervisory authority and misdemeanours body in connection with the accuracy of reporting by members and the fulfilment of conditions for membership.