Electronic promissory notes in Mexico: Innovation and security for your company

The recent reform to the General Law on Credit Instruments and Operations (LGTOC) in Mexico has marked a milestone in the financial sector, validating the issuance and transmission of electronic promissory notes, representing a legal change that marks a significant innovation and provides greater security and efficiency to financial transactions.

Do not doubt that implementing electronic promissory notes can be the improvement you were looking for in your business management and HR department!

Integrate legal and digital innovation into your company!

On March 26, 2024, a reform was published in the Official Gazette of the Federation allowing the issuance and transmission of credit instruments such as promissory notes and through electronic, optical and other technological means. This, in order to guarantee that the documents maintain their legal validity, order and that they are valid in legal effects and enforceability regardless of their digital format.
This measure undoubtedly reinforces the legal security of promissory notes by requiring that their final identity be verified in an authorized information system to improve traceability and reducing the risk of fraud that the document itself could imply.

Benefits for Companies?

1. Operational Efficiency
The digitalization of promissory notes allows for more agile and economical management. Electronic documents can be created, signed and transmitted in minutes, eliminating the need for physical paperwork and storage, reducing operational costs and also speeding up the credit granting process.

2. Improved Security
Electronic promissory notes must guarantee that they cannot be manipulated or modified to faithfully reflect their originality agreement. To this end, they are implemented in advanced technologies such as cryptography, hash function and in secure platforms such as Sora.mx that guarantee this authenticity and integrity of the document.

3. Accessibility and Traceability
Accessing electronic promissory notes from anywhere and at any time will facilitate remote management and teamwork. In addition, the traceability of documents such as electronic promissory notes in information systems ensures that all your transactions are traceable and transparent, which is essential in audits and for legal compliance.

Implementation of electronic promissory notes

To implement electronic promissory notes, companies must adopt digital platforms that comply with legal regulations, but be careful!
It is very important to approach institutions that really provide you with this legal support that your company needs to have everything in accordance with the law. Tools such as Sora.mx offer these robust solutions for the creation, signing and secure storage of these documents.

Platforms such as Sora guarantee that electronic promissory notes comply with the requirements established in the LGTOC and in the Federal Law of Electronic Signature (LFFE), providing a solid legal framework for their validity.
In fact, Sora is the only one of all the platforms in Mexico that complies with these legal requirements and that has a legal team to constantly validate the security of your digital documents.

The impact on the financial sector
The adoption of electronic promissory notes not only benefits individual companies, but also drives the modernization of the financial sector as a whole. All companies, regardless of the sector, can take advantage of this technology to compete with traditional banking, offering faster and safer solutions to their clients, especially when it comes to Fintechs.

This evolution towards digitalization reflects a commitment to innovation and efficiency, adapting to the contemporary demands of the financial market.

Savings account and payroll credit: A comprehensive financial strategy
The implementation of electronic promissory notes not only improves the management of traditional credits, but can also be integrated with the savings account and payroll credit, creating a complete financial solution for organizations.
Savings account: Allows employees to save systematically through direct deductions from their payroll, encouraging savings and providing an emergency fund.
Payroll credit: Offers loans with preferential rates guaranteed by salary, useful for covering urgent financial needs.

To implement them or not to implement them?

Electronic promissory notes represent a crucial evolution in the management of financial transactions in Mexico.
Its legality and validity, backed by the recent reform to the LGTOC, ensure that companies can enjoy greater security, efficiency and traceability in their operations, especially in the HR area.

Adopting this technology not only optimizes internal processes, but also positions companies at the forefront of digital transformation in the financial sector. Don’t be left behind with technology!

In short, the transition to electronic promissory notes is a strategic step for any company seeking to improve its financial management and comply with modern legal requirements. The security and accessibility offered by these digital documents make them an indispensable tool for the future of commerce and banking in Mexico.