Gabriel de Abreu Madeira

Frederico Dutilh Novaes

Aurimar Santana Cerqueira

Fernando Wosniak Steler

Licio de Castro Carvalho

Resumo

Innovative resources provided by central banks, like CBDCs and Open Finance, combined with data management technologies, such as algorithms and DLT, bring promising perspectives to the financial intermediation activity. They enable the adoption of multiple strategies to deal with typical frictions of financial markets, including informational asymmetries, limited commitment, and transaction costs. This paper discusses how these innovations improve financial intermediation with a practical example: a financial intermediation platform, that manages trade credit to small and medium enterprises (SMEs) from providers interested in Accounts Receivable (AR) within SMEs' invoices. CBDC is a convenient instrument for the funding of such anticipations. The evaluation of these credit operations would be based on market information obtained from multiple sources, such as Open Finance, publicly available data, and questionnaires, all of which would be classified using Artificial Intelligence techniques. Additionally, borrowers could obtain endorsement and collateral from guarantors, using CBDCs and smart contracts. This feature would play an important role in enabling new entrants to have access to those credits. Securitized shares in loans would be traded through secondary markets on Digital Loan Funds, which provide liquidity for investors and enable trading such loans as their history improves or deteriorates. A secondary market, based on Financial NFTs, would also be available for individual (or specific) loans, mainly when such loans deviate from their expected performance. An agent-based simulation tool was designed to simulate the behavior of the platform. Illustrative simulation examples suggest that the system is relatively stable and is capable of generating reasonable returns for investors. They also indicate that guarantors play an important role in improving financial intermediation through the platform