{
  "tool_id": "art-479-compare-receivables-finance-economics",
  "note": "Vectors reproduce tools/425-forfaiting-factoring-economics.html's own worked-example default inputs (vector-1) plus two additional scenarios spanning tenor/rate ranges -- tool<->kernel parity is the gate. golden_hash empty until first `node golden-parity.test.mjs --update`.",
  "vectors": [
    {
      "name": "default-90d-sub-ig",
      "policy_parameters": {
        "invoice_value": 1000000,
        "tenor_days": 90,
        "currency": "USD",
        "obligor_quality": "sub_ig",
        "num_debtors": "mid",
        "forfaiting_discount_rate_pct": 6.5,
        "forfaiting_commitment_fee_pct": 0.5,
        "forfaiting_arrangement_fee_pct": 0.5,
        "factoring_advance_rate_pct": 85,
        "factoring_service_fee_pct": 1,
        "factoring_finance_charge_pct": 7,
        "nr_factoring_advance_rate_pct": 82,
        "nr_factoring_service_fee_pct": 1.8,
        "nr_factoring_finance_charge_pct": 7.5,
        "id_advance_rate_pct": 80,
        "id_discount_charge_pct": 6.5,
        "id_service_fee_pct": 0.2
      },
      "output_payload": {
        "portfolio": {
          "face_value": 1000000,
          "tenor_days": 90,
          "currency": "USD",
          "obligor_quality": "sub_ig",
          "num_debtors": "mid"
        },
        "results": {
          "forfaiting": {
            "net_proceeds": 979010,
            "effective_annual_cost_pct": 8.7,
            "recourse": "non-recourse"
          },
          "factoring_recourse": {
            "net_proceeds": 825329,
            "effective_annual_cost_pct": 85.83,
            "recourse": "with-recourse"
          },
          "factoring_non_recourse": {
            "net_proceeds": 786836,
            "effective_annual_cost_pct": 109.87,
            "recourse": "non-recourse"
          },
          "invoice_discounting": {
            "net_proceeds": 785178,
            "effective_annual_cost_pct": 110.96,
            "recourse": "with-recourse"
          }
        },
        "cheapest_instrument": "Forfaiting",
        "highest_proceeds_instrument": "Forfaiting",
        "cost_ranking": [
          "Forfaiting",
          "Factoring (With Recourse)",
          "Factoring (Non-Recourse)",
          "Invoice Discounting"
        ]
      },
      "golden_hash": "e872a696cba283112e8a9f2a5f2f0175dc700ea1896cf1491e32d45578aec5d8"
    },
    {
      "name": "long-tenor-ig-export",
      "policy_parameters": {
        "invoice_value": 5000000,
        "tenor_days": 730,
        "currency": "EUR",
        "obligor_quality": "ig",
        "num_debtors": "concentrated",
        "forfaiting_discount_rate_pct": 5,
        "forfaiting_arrangement_fee_pct": 0.75,
        "factoring_advance_rate_pct": 90,
        "factoring_service_fee_pct": 0.5,
        "factoring_finance_charge_pct": 6,
        "nr_factoring_advance_rate_pct": 88,
        "nr_factoring_service_fee_pct": 1.2,
        "nr_factoring_finance_charge_pct": 6.5,
        "id_advance_rate_pct": 85,
        "id_discount_charge_pct": 5.5,
        "id_service_fee_pct": 0.15
      },
      "output_payload": {
        "portfolio": {
          "face_value": 5000000,
          "tenor_days": 730,
          "currency": "EUR",
          "obligor_quality": "ig",
          "num_debtors": "concentrated"
        },
        "results": {
          "forfaiting": {
            "net_proceeds": 4502223,
            "effective_annual_cost_pct": 5.53,
            "recourse": "non-recourse"
          },
          "factoring_recourse": {
            "net_proceeds": 3935000,
            "effective_annual_cost_pct": 13.53,
            "recourse": "with-recourse"
          },
          "factoring_non_recourse": {
            "net_proceeds": 3768000,
            "effective_annual_cost_pct": 16.35,
            "recourse": "non-recourse"
          },
          "invoice_discounting": {
            "net_proceeds": 3775000,
            "effective_annual_cost_pct": 16.23,
            "recourse": "with-recourse"
          }
        },
        "cheapest_instrument": "Forfaiting",
        "highest_proceeds_instrument": "Forfaiting",
        "cost_ranking": [
          "Forfaiting",
          "Factoring (With Recourse)",
          "Invoice Discounting",
          "Factoring (Non-Recourse)"
        ]
      },
      "golden_hash": "f1a453aae4c25decdda077ffa7b8871e0cc0248f04ab2e11bda684329dc1b46a"
    },
    {
      "name": "short-tenor-sme-unrated",
      "policy_parameters": {
        "invoice_value": 250000,
        "tenor_days": 30,
        "currency": "GBP",
        "obligor_quality": "sme_unrated",
        "num_debtors": "large",
        "forfaiting_discount_rate_pct": 8,
        "forfaiting_arrangement_fee_pct": 1,
        "factoring_advance_rate_pct": 80,
        "factoring_service_fee_pct": 2,
        "factoring_finance_charge_pct": 9,
        "nr_factoring_advance_rate_pct": 75,
        "nr_factoring_service_fee_pct": 2.5,
        "nr_factoring_finance_charge_pct": 9.5,
        "id_advance_rate_pct": 78,
        "id_discount_charge_pct": 7,
        "id_service_fee_pct": 0.3
      },
      "output_payload": {
        "portfolio": {
          "face_value": 250000,
          "tenor_days": 30,
          "currency": "GBP",
          "obligor_quality": "sme_unrated",
          "num_debtors": "large"
        },
        "results": {
          "forfaiting": {
            "net_proceeds": 245844,
            "effective_annual_cost_pct": 20.57,
            "recourse": "non-recourse"
          },
          "factoring_recourse": {
            "net_proceeds": 193521,
            "effective_annual_cost_pct": 355.09,
            "recourse": "with-recourse"
          },
          "factoring_non_recourse": {
            "net_proceeds": 179786,
            "effective_annual_cost_pct": 475.16,
            "recourse": "non-recourse"
          },
          "invoice_discounting": {
            "net_proceeds": 193128,
            "effective_annual_cost_pct": 358.28,
            "recourse": "with-recourse"
          }
        },
        "cheapest_instrument": "Forfaiting",
        "highest_proceeds_instrument": "Forfaiting",
        "cost_ranking": [
          "Forfaiting",
          "Factoring (With Recourse)",
          "Invoice Discounting",
          "Factoring (Non-Recourse)"
        ]
      },
      "golden_hash": "fede588a446b23b0d5faf540e71198e60486c17d5b409a8da7244b0d6ebb23a3"
    }
  ]
}