Electronic promissory notes and bills of exchange. For everyone, or just for some?

"In 2021, Costa Rica passed Law 10069, which allows for the issuance and dematerialisation of electronic bills of exchange and promissory notes. The idea was sound: to replace paper, physical custody and in-person signatures with secure, traceable digital documents. In a country seeking to modernise its business and financial markets, this reform was intended to benefit SMEs, banks, retailers and individuals who document payment guarantees on a daily basis,” commented Arturo Guerrero, a partner at ECIJA in Costa Rica, in his column for La República.

Several years on, the promise has only been partially fulfilled. SUGEVAL authorised InterClear as a centralised registration entity. It launched a document registration product for banks. This shows that the system works; at least, there are no documented complaints. It also highlights a problem, however, because its implementation today should not be aimed solely at banks handling high volumes of transactions; it should be accessible to everyone.

Continue reading here