On August 20, 2020, Decree 1154 of 2020 was published, amending Chapter 53 of Title 2 of Part 2 of Book 2 of Decree 1074 of 2015, Single Regulatory Decree of the Trade, Industry and Tourism Sector, regarding the circulation of electronic sales invoices as a security and other provisions.
Reglamentada la factura electrónica como título valor

Although invoicing has been considered a type of security in the past, electronic invoicing has been classified as such since Decree 1074 of 2015. However, Decree 1154 of 2020 is the first to establish the rules for the circulation and payment of these securities, giving the DIAN a special role as the invoice approver.

The Government included in the Decree the relevant definitions for the circulation of electronic invoices as securities. Among these, it defined the Registry of electronic invoices considered as securities – “RADIAN”, electronic negotiation systems, the legitimate holder of the invoice as a security, the common requirements for users who register events on the RADIAN, and the particular rules of electronic negotiation systems, among others.

These definitions are very important, since the Decree is applicable to electronic invoices that are registered in the RADIAN for circulation as a security. Therefore, all electronic invoices as security and all events associated with them must be registered in said registry, including any collateral over the security. For these purposes, technology users and suppliers, their representatives or intermediaries will be able to carry out such registration.
The Decree also provides that the acceptance of the invoice as a security may be explicit or tacit. The invoice is deemed to have been explicitly accepted upon receipt of the invoice when, within the following 3 working days, the purchaser expressly accepts its content by electronic means. It will be tacit accepted if the purchaser does not reject the invoice within 3 working days after receiving the goods or services. Once the electronic invoice is accepted as a security, no debit or credit notes associated with it can be registered and the invoice can circulate thereafter.
For the purposes of tacit acceptance, the issuer of the invoice must record under oath the facts that make up such acceptance. Accordingly, the Decree provides that the goods or services shall be deemed to be received with the electronic receipt issued by the purchaser of the goods or services, specifying the name, identification or signature, and the date of reception. 
Concerning the circulation of the electronic invoice as a security, the Decree orders for it to be issued by means of electronic endorsements, in accordance with the will of the issuer or the legitimate holder. The electronic endorsement may be in property (transfers the domain), in procurement or in warranty. The endorsement consists of a data message that the holder of the security makes to the recipient of the security through the electronic transfer of the invoice.
If the invoice's due date as a security has expired, the invoice must be registered before the RADIAN as an endorsement with ordinary assignment effects - that is, the assignor is not responsible for the payment of the invoice.
Regarding the payment of the electronic invoice as a security, the Decree indicates that the holder of the security must inform the acquirer in order to make the payment. This must be done through the RADIAN and within 3 working days prior to the due date of the security payment. Should such payment be due, the acquirer or debtor must then make the payment to the legitimate holder registered in the RADIAN.
Once full payment is made, it will be recorded by the acquirer or debtor who received it before the RADIAN. Absent such record by the acquired or debtor, the legitimate holder may do so. As to partial payments, the legitimate holder shall register the partial amount received and, in the absence of such registration, the acquirer shall be entitled to do so. It is worth noting that partial payment will imply that the security will remain effective for the pending amount.
It is worth mentioning that the DIAN has not yet put in operation the RADIAN for the invoice as a security to circulate. We expect this occur before year end. 

See full text of Decree 1154 of 2020

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