What is the CIEC and what is its difference with the FIEL?
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Digitization has been one of the most important fronts for creating opportunities for companies . For example, 16 years after the electronic invoicing system was implemented, Mexico has reported great progress in terms of cost reduction, security and agility in administrative processes and document control, which, in turn, has a great impact in their business .
In this sense, there is no doubt that a digital vision in tax and bureaucratic procedures not only helps us, as taxpayers, to comply with our obligations, it also represents an opportunity to change the dynamics of other challenges for companies. A clear example is financing .
One of these digital keys has been the Confidential Electronic Identification Key (CIEC) . Now called only SAT Password, it is more than a pass for the Treasury platform and services: it is a valuable tool to request financing.
But what exactly is CIEC? Basically they are the access data to the SAT: it consists of the RFC number of your company and a password of your choice.
But if it's a password, is it okay to share it with financial institutions?
Unlike the FIEL (Advanced Electronic Signature) , its functions and levels of confidentiality are different. The CIEC is a piece of information that you should reserve only for collaborators, staff and representatives of trusted institutions, however, unlike the FIEL, the financial or banking institution cannot generate transactions or enter into any private or public contract with your CIEC .
In contrast, the FIEL has the same legal effects as a physical signature so it must always be confidential.
Now that we have defined their difference, we can move on to the important point: exactly what advantages or what opportunities CIEC gives you, when it comes to accessing financing.
Especially in companies dedicated to fintech financing —which have refined their algorithms designed specifically to offer more specialized financial technology solutions—, CIEC is used to:
- View basic information (such as invoices and financial performance) to perform a credit score.
- Determine the financing option tailored to your business, based on your history and company profile.
- Simplify the process for calculating interest rates.
In contrast to the financial statements, the CIEC releases a much deeper image of your company , which translates into better tools so that the capital injection alternatives they offer you are more effective.
Finally, it is worth mentioning that there are special recommendations to ensure that the security of your company and your financial information are in good hands.
The arrival of these digital tools has been, little by little, simplifying the way in which companies access financing, as well as accelerating the pace at which companies digitize. As the fintech revolution continues to spread, these digital keys will continue to be a crucial part of accessing all the possibilities that technology has for companies in Mexico.