Home

Microsoft executes Blue Chip Swap programme

Published: Sep 2025
Treasury Today Adam Smith Awards 2025

Best in Class Treasury Solution in Latin America

Highly Commended Winner

Microsoft

Photo of Houda Zeroual and Gisela Vivian, Microsoft.

Danra Forshey

Finance Director

Gabriela Imperio

Senior Finance Manager
Microsoft logo

USA
Founded in 1975, Microsoft Corporation is an American multinational corporation and technology conglomerate headquartered in Redmond, Washington.

The challenge

Microsoft treasury has demonstrated exemplary leadership providing innovative and effective payment solutions to address the complex financial landscape and regulatory challenges in Argentina to provide support for its customers and partners impacted by the Capital Control restrictions.

“Microsoft treasury established a programme with our customers and partners which enabled the company to collect on overdue debt, while allowing our customers and partners to continue using our products and services, extinguish their debt, and renew their contracts with Microsoft. In addition, for our partner community, this allowed them to continue to support both existing and new business with their end customers,” explains Danra Forshey, Finance Director.

Argentina presents a unique set of challenges for the financial operations of most companies due to stringent capital controls and regulations in the country. Due to the significant FX devaluation, the Argentine executive branch enacted a decree on the sale of export proceeds in the Argentine foreign exchange market and instructed the Argentine Central Bank (the BCRA) to establish rules to restrict access to the FX Market. Subsequently, the BCRA published rules requiring debtors in Argentina to obtain approval from the BCRA to make payments abroad. In 2023, further restrictions required that services rendered or accrued after 13th December 2023, can only be approved to be paid in USD 30 days after the rendering or accrual (‘devengado’) of the service. This added to the complexity and further limited customer’s and partner’s ability to settle debts related to annuity billings where services occur over a period of 12 months. As the majority of existing contracts with Microsoft require settlement of accounts receivable in USD, its balances continued to grow, and its customers and partners needed a viable payment solution to sustain their own business operations in Argentina.

The solution

To overcome the financial constraints in Argentina, Microsoft treasury implemented the Blue Chip Swap programme, also known as Contado con Liqui (CCL).

This innovative solution allows its customers to pay in local currency (ARS). This involves broker trading where an investor purchases a local asset (ie stocks or bonds) with ARS and then sells those assets in a foreign market, where they are traded in USD. Microsoft then receives USD from a partnering financial institution to settle accounts receivable.

Best practice and innovation

Microsoft is thrilled to have this payment solution approved and implemented as it accomplishes many key objectives to maintain a healthy accounts receivable position, continue revenue growth in the Argentinian market, while fostering positive relationships with its customers, partners and end users of its products. This payment mechanism ultimately solves the ability to use local currency when access to USD is restricted; eliminates the need to obtain approvals by the BCRA to settle debt in this manner and allows customers and partners to pay amounts owed where services have not been fully accrued on an annuity billing.

The solution eliminates FX risk to Microsoft as payment is received in USD. It maintains a healthy allowance for doubtful accounts reserve on its balance sheet. The Blue Chip Swap programme exemplifies best practice by providing a sustainable and innovative solution that addresses complex financial challenges, ensuring seamless integration and positive impact on financial operations. This programme has proven to be a successful and sustainable solution, enabling Microsoft customers and partners to navigate the complex financial landscape in Argentina effectively.

Key benefits

  • Process efficiencies.

  • Return on investment.

  • Risk mitigated.

  • Improved visibility.

  • Future-proof solution.

  • Improved key performance indicator (KPI) metrics.

“This achievement is not just a testament to the effectiveness of the Blue Chip Swap programme but also to the dedication and hard work of the Microsoft treasury team. However, we did not do this alone and we brought our key stakeholders along on our journey. These important stakeholders include the local Argentina Subsidiary, our sales team, our commercial finance team, our legal team, compliance team, tax team and corporate accounting. This partnership and cross group collaboration ensured the programme was implemented compliantly, that it could be operationalised and that it satisfied the needs of our customers and partners for mutual benefit,” concludes Forshey.

Adam Smith Awards sail

The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2025 awards attracted 454 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

All our content is free, just register below

Already have an account? Sign In

Already a member? Sign In

This website uses cookies and asks for your personal data to enhance your browsing experience. We are committed to protecting your privacy and ensuring your data is handled in compliance with the General Data Protection Regulation (GDPR).