Payment Incidents for Romanian Companies

 

1. What is the Payment Incidents (CIP Online) Report?

 

CIP Online report (Payment Incidents Central) shows the payment instruments with Promissory Notes and Cheques issued by a company in the last 7 years. 

A company with no payment incidents, or registered with no incidents in the last 7 years, may be considered to have a better creditworthiness than otherwise.

Occurrence of payment incidents for a company, as recorded in CIP may be deemed as an important risk factor in the trading relationship with that counterparty. The more recent and frequent those payment incidents, higher the payment/ trading risk of the company.

For companies with payment incidents in CIP in the last 2 calendar months, term payments should not be accepted, irrespective of the payment instruments used: Promissory Note, Cheque or Payment Order. The trading relationship with such a partner should be conducted on an advance payments basis only.

Information regarding payment incidents from commercial banks is sent electronically to the Payment Incidents Central, through the Inter-banking Communication Network of the National Bank of Romania (the Central Bank), which interconnects the Central Bank with the headquarters of all commercial banks in the country.

 
 

The results of the report may be the following:

Without CIP incidents:
 
A message is displayed as follows: 'The account holder with the Unique Registration Number (CUI) ..................... is not recorded with incidents with the CIP'.
 Raport Cip Fara Incidente Cip Online Fara Incidente
With CIP incidents:
 
A table with the CIP incidents is displayed as per the most current records existent.
 Raport Cip Cu Incidente Cip Online cu Incidente

2. How to read the CIP Online Report

 

Occurrence of payment incidents for a company, as recorded in CIP may be deemed as an important risk factor in the trading relationship with that counterparty. The more recent and frequent those payment incidents, higher the payment/ trading risk of the company.

For companies with payment incidents in CIP in the last 2 calendar months, term payments should not be accepted, irrespective of the payment instruments used: Promissory Note, Cheque or Payment Order. The trading relationship with such a partner should be conducted on an advance payments basis only.

Information regarding payment incidents from commercial banks is sent electronically to the Payment Incidents Central, through the Inter-banking Communication Network of the National Bank of Romania (the Central Bank), which interconnects the Central Bank with the headquarters of all commercial banks in the country.

The Online CIP Report is supplied based on an online interrogation, for any company in Romania. No data is stored in our database regarding previous requests, therefore the report is the most current possible as provided by the Payments Incidents Central as at the time of your request, and contains updated information from the day of the request.

 
Law provisions and Regulation

In Romania, there are two types of payment instruments for deferred payments: cheques and promissory notes . Cheques are payable at sight based on the issuance date, while the promissory notes are payable at the maturity written on instrument. All cheques and promissory notes forms are provided by the banks with unique series and number.

All these instruments have a special regime: in case a company fail to pay a cheque or promissory note, fully or partially, that company is registered in the 'Central of Payment Incidents', which is a body of the National Bank of Romania meant to follow and regulate the payment discipline. The main purpose is to give Romanian companies a powerful instrument to check their business partners in respect of the payment behavior and, subsequently, limiting the potential losses from fraudulent trades.

The Central of Payment Incidents can be inquired by any company or person, based on a fee, in respect of any Romanian company or person. The payment incidents are very important considering the following aspects: if there are incidents or no, if there are incidents in the last week / month / year, if there is an isolated incident or a series of incidents.

Banking interdiction for a company is a banning regime imposed by a credit institution to that company, which hold an account with the respective bank, to issue cheques for a period of one year after the date of occurrence of a major payment incident of the respective company.

3. How does the CIP Online Report help you

 
  • Points out the payment incidents and their date of occurrence.
     

    The table containing payment incidents for the company, including the date of the refusal, its type, the serial and number of the payment instrument is presented. The larger the number of payment incidents, the riskier the company.

  • Indicates the accumulated amounts of payment incidents, major and minor, along with the total number of payment instruments refused during the latest 7 years of activity.
     

    Whether the company does not have any payment incidents, it either has a very good payments management, or it does not issue Promissory Notes and Cheques.

4. How can you get the CIP Online Report

 
Subscription:
 
Acquire a Subscription package from the RisCo Reports Subscription. A subscription includes a certain number of RisCo Credits that allow you to make the reports you want. RisCo credits are valid for 12 months from the date of purchase. Client Account which will be opened at the acquisition of Subscription.
Raport CIP Online