Challenge

The Ministry of Economy in Guatemala with financing from the Inter-American Development Bank (IDB) intended to use part of the proceeds to payments under the project to design and install an electronic Registry of Security Interests. The objective of this project was to assist the Guatemalan Ministry of Economy (MINECO) to design and make fully functional electronic registry as contemplated and required by Law on Security Interests (Decree 51-2007) and its associated regulation.

The aim of having a well-functioning registry was to facilitate greater access to credits.

Solution

NRD Companies provided consultancy services for design and installation of an electronic Registry of Security Interests in Guatemala (eRGM).

The services covered the following work tasks:

  • Analysis of current situation;
  • Design of a new workflow, registration procedures;
  • Prepare a HW acquisition and installation plan;
  • Design and install Registry system;
  • Train the Registry staff;
  • Prepare system documentation;
  • Assist MINECO in a public campaign.

Impact

The eRGM provides the basic registration, on-line registration, and information services. On-line registration and information services are available via internet. Alternatively, the registration and information services can be obtained via the operator at the Registro de Garantias Mobiliarias (RGM office).

There are electronic communications with:

  • Certification services provider – institution responsible for electronic signature certification and granting;
  • Payment services provider – institution responsible for the handling of the payments;
  • Registro de La Propiedad Intelectual (Intellectual Property Registry), Registro General de la Propiedad (General Property Registry), Registro Mercantil (Companies Registry) and Registro de Valores y Mercancias (Registry of Securities and Commodities) – public institutions receiving information about registrations in eRGM.