Electronic invoices (CFDI) and why lenders check them

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In Mexico, an invoice has tax and legal effect only as a CFDI, an electronic invoice stamped and reported to the tax authority. A lender that finances a Mexican exporter's sales checks the CFDI first, because its status can change after the sale.

Published October 23, 2026 · Facts as of October 23, 2026 · 10 min read · Sources listed at the end · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

CFDI 4.0The invoice version in use. It names both parties' tax IDs and shows whether goods are exported ⁴

4 reasonsCodes 01 to 04 are the only grounds for cancelling a CFDI under SAT's 2026 scheme ¹

289Taxpayers SAT placed in the Article 69-B procedure for presumed false invoices in 2026, as of July 30 ⁷

24 daysBusiness days, at most, for the new fast track to suspend a taxpayer's invoicing rights from 2026 ²

What is it?

A CFDI (Comprobante Fiscal Digital por Internet) is the XML tax invoice that a Mexican seller issues for each sale. An authorized certification provider, called a PAC, stamps it with a unique number, the folio fiscal or UUID, and reports it to the tax authority, SAT ^3,4.

Why does it matter?

The CFDI is the record of the sale that the tax authority holds. A lender that buys or lends against a Mexican invoice needs to know that the CFDI is valid, uncancelled and tied to a real delivery. Since January 1, 2026, Mexico treats a CFDI that does not reflect a real operation as false ².

How does it work?

The seller's system builds the invoice, the PAC stamps it, and the buyer receives the XML and a PDF. Anyone can check its status on SAT's public verification page. Extra data blocks, called complements, cover exports, goods in transit and payments ^3,5,6.

In this guide

1. What is a CFDI and how is one issued?
2. Which invoice documents travel with an export to the US?
3. Can a CFDI be cancelled after the sale?
4. What do lenders check before they fund a CFDI?
5. How does the CFDI fit into invoice finance?
6. What should exporters and lenders watch next?

01What is a CFDI and how is one issued?

Every sale in Mexico is invoiced through a CFDI, including a sale to a buyer in the US. The CFDI is the Mexican form of the commercial invoice: it states the goods, the price and the two parties, and it is stored by the tax authority.

Version 4.0 is the version in use. It requires the name, tax ID (RFC), tax regime and postal code of both the issuer and the receiver, and a field that shows whether the goods are exported ⁴. A US buyer usually has no Mexican RFC, so in general practice the seller enters a generic RFC that SAT sets for foreign customers.

The seller does not stamp its own invoice. An authorized certification provider (PAC) checks the XML file against SAT's rules and stamps it. The stamp adds the folio fiscal, a unique ID also called the UUID, and SAT's seal ³. From that point the invoice can be checked by anyone who holds four data points: the issuer's RFC, the receiver's RFC, the total and the UUID. SAT's verification page then shows the invoice as valid, cancelled or with inconsistencies ³.

1. Seller builds the CFDIThe exporter's billing system creates the XML invoice with both parties' tax data and the export field.
2. PAC stamps itAn authorized certification provider validates the file, adds the UUID and SAT's seal, and reports it to SAT.
3. Buyer receives itThe buyer gets the XML file and a PDF copy. The invoice is now due on the agreed terms.
4. Anyone can verify itSAT's public page shows the CFDI as valid, cancelled or with inconsistencies, using four data points.
5. Payment is recordedWhen the buyer pays, the seller issues a CFDI with the payment complement.

02Which invoice documents travel with an export to the US?

A shipment from Mexico to a US buyer creates several linked records. The sale CFDI carries an export field. For a definitive export under customs key A1, code 02, it must carry the foreign trade complement (Comercio Exterior). For a temporary export, code 03, the complement is left out ⁵. The complement records data such as the Incoterms rule and the exchange rate ⁵.

The goods in transit need a second complement, Carta Porte, which records the transport leg. Its current version, 3.1, adds fields for customs regimes ⁶. At the border, the customs broker files the export declaration, the pedimento. Our guide to customs brokers and the pedimento explains that step.

When the buyer pays an invoice that was issued for later payment, the seller issues a CFDI with the payment complement (Pago) ⁵. For a lender, these records should tell the same story: the same goods, values and dates.

Compare

The records behind one export shipment

What each record shows and what a lender compares. Sources: Facturama, Sovos ^5,6.

Record	What it shows	Who issues it	What a lender compares
Sale CFDI with Comercio Exterior complement	Goods, price, buyer, export field, Incoterms rule and exchange rate 5	The exporter, stamped by a PAC	Amount, buyer and date against the purchase order
Carta Porte complement	The goods in transit and the transport leg; version 3.1 adds customs regimes 6	The carrier or the owner of the goods	Goods and route against the sale CFDI
Pedimento	The customs declaration for the export	The customs broker	Goods, value and date of crossing
CFDI with payment complement	Payment received against an earlier invoice 5	The exporter	Whether the buyer has already paid

An export to the US carries a sale CFDI, a Carta Porte for the transport leg and a customs declaration, the pedimento.

03Can a CFDI be cancelled after the sale?

Yes. Only the seller, as issuer, can start a cancellation. SAT's 2026 scheme allows four reasons: 01, an error with a replacement invoice; 02, an error without replacement; 03, the operation did not take place; and 04, a transaction moved from a global invoice ¹.

For most invoices the receiver must agree. The receiver gets a notice in its SAT tax mailbox and can accept or reject the request. If it does not answer in time, the cancellation goes ahead ¹. Some invoices skip this step, for example payroll and credit-note CFDIs and CFDIs cancelled within 24 hours of issue ¹. A CFDI that already has a valid related document, such as a payment, cannot be cancelled ¹.

The general deadline to cancel is the month in which the annual income tax return is due. The 2026 reform moved that rule from SAT's annual resolution into the tax code itself ^1,2.

This is the lender's risk. A seller and a buyer can void a financed invoice between them: the seller requests cancellation and the buyer accepts or lets it lapse. The lender may hold an invoice that SAT now shows as cancelled.

Rules in force

As of October 23, 2026. Live list: corridor watch.

Measure	What it does	Since	Status
Veracity rule for CFDIs	A CFDI that does not reflect a real operation is treated as false, according to KPMG's summary of the tax code reform 2	Jan 1, 2026	In force
Fast track to suspend invoicing	SAT can suspend a taxpayer's right to issue CFDIs in up to 24 business days 2	Jan 1, 2026	In force
Proof on request	SAT can ask for photos, videos or audio. Five business days to respond, 15 for SAT to rule 2	Jan 1, 2026	In force
Cancellation deadline in the law	Cancel by the month the annual income tax return is due; rule moved into the tax code 1,2	Jan 1, 2026	In force
Cancellation with receiver acceptance	Four reasons, 01 to 04. Receiver accepts or rejects; no answer means acceptance. Exceptions apply 1	2026 scheme	In force
2026 miscellaneous tax resolution, first amendments	Increased controls for e-invoicing, as summarized by KPMG 9	Jul 9, 2026	Under monthly review

04What do lenders check before they fund a CFDI?

A lender, factor or credit insurer that relies on a Mexican invoice checks the CFDI before it pays, and again while the invoice is outstanding. The steps below are general practice among lenders; the rules behind them come from SAT and the tax code.

The list of presumed false invoice issuers matters most for fraud. Under Article 69-B of the Federal Tax Code, SAT publishes taxpayers in stages: presumed, definitive, cleared, or with a favorable ruling ⁸. SAT placed 169 companies and 120 individuals into the procedure in 2026, as of July 30 ⁷. Customers of an issuer listed as definitive have 30 days after publication to prove that the goods or services were delivered, or to correct their filings ⁸.

The checks sit alongside the lender's know your customer review. The Trade Finance Guide covers fraud controls in trade finance in general. Our guide to what lenders ask Mexican companies for lists the wider file.

Checklist

What a lender checks on a Mexican invoice

• Status on SAT's pageThe CFDI shows as valid, using the issuer's RFC, the receiver's RFC, the total and the UUID ³.
• The 69-B listThe issuer's RFC does not appear on SAT's list of presumed or definitive false invoice issuers ⁸.
• Documents matchThe sale CFDI, the Carta Porte and the pedimento show the same goods, values and dates.
• No payment recordedNo CFDI with a payment complement shows that the buyer already paid the exporter.
• Status after fundingThe lender checks again until the buyer pays, because a cancellation can be requested after the sale ¹.
• Notice to the buyerWhere the invoice is sold, the buyer receives a notice of assignment and pays the finance provider.

These checks are general practice. Each lender sets its own list.

05How does the CFDI fit into invoice finance?

When a sale runs on open account terms, the buyer pays after delivery and the unpaid invoice becomes one of the supplier's main short-term assets. Our guide to payment terms in the corridor explains why. The CFDI is the evidence that this asset exists.

In factoring, the exporter sells the invoice and the factor collects from the buyer. In buyer-led programs, a large buyer approves the invoice first. Mexico's development bank Nafin runs one such platform, Cadenas Productivas, which works on invoices approved by the anchor company ¹⁰. Our guides to factoring in Mexico and supplier finance programs run by US buyers cover each route.

Tax rules and finance rules meet here. The 2026 reform lets SAT ask for photos, videos or audio as proof that an operation took place. The taxpayer has five business days to respond and SAT has 15 to rule ². An exporter that keeps delivery proof matched to each CFDI is ready for both the tax authority and the lender.

Where the cash goes

From sale to payment: where the CFDI is checked

1. Sale
   CFDI issuedThe exporter issues the stamped CFDI with the export field and the foreign trade complement.
2. Shipment
   Goods crossThe Carta Porte and the pedimento record the transport and the export.
3. Funding
   Lender checks and paysThe lender verifies the CFDI on SAT's page, checks the 69-B list and advances cash against the invoice.
4. Waiting
   Status monitoredThe lender watches for a cancellation request until the due date.
5. Payment
   Buyer paysThe buyer pays on its terms and the exporter issues a CFDI with the payment complement.

The order of steps is typical. Each lender sets its own checks and timing.

Sell the invoiceFactoring or invoice discounting

The exporter sells or borrows against a verified CFDI.

Large buyer approvesPayables finance

The buyer approves the invoice and a finance provider pays the supplier early, also called reverse factoring.

Many invoicesReceivables finance

A facility funds a pool of invoices, each one checked against SAT records.

Buyer may not payTrade credit insurance

Covers most of an unpaid invoice if a covered buyer fails to pay.

06What should exporters and lenders watch next?

SAT tightened invoice controls in 2026, and more rules are coming. The first amendments to the 2026 miscellaneous tax resolution, published on July 9, 2026, include what KPMG describes as increased controls for e-invoicing. Their details were not available for this guide ⁹. Tariffs and customs rules that affect the same shipments are on our corridor watch page.

• PendingDetails of the increased e-invoicing controls in the first amendments to the 2026 miscellaneous tax resolution ⁹.
• Jul 30, 2026SAT had placed 289 taxpayers in the 69-B procedure for presumed false invoices in 2026 ⁷.
• Jul 9, 2026First amendments to the 2026 miscellaneous tax resolution published in Mexico's official gazette ⁹.
• Jan 1, 2026Tax code reform in force: veracity rule, proof on request and the fast track to suspend invoicing ².

Questions traders ask

What is a CFDI in Mexico?

A CFDI (Comprobante Fiscal Digital por Internet) is the electronic tax invoice that a Mexican seller issues for each sale. It is an XML file that an authorized certification provider (PAC) stamps with a unique ID, the UUID, and reports to the tax authority, SAT.

Does a Mexican exporter issue a CFDI to a US buyer?

Yes. The sale CFDI shows that the goods are exported. For a definitive export under customs key A1 it carries the foreign trade complement, which records data such as the Incoterms rule and the exchange rate.

How do I check whether a CFDI is valid?

Use SAT's public verification page. Enter the issuer's tax ID (RFC), the receiver's RFC, the invoice total and the UUID. The page shows the invoice as valid, cancelled or with inconsistencies.

Who can cancel a CFDI?

Only the seller who issued it can request a cancellation, for one of four reasons. For most invoices the buyer must accept, and no answer counts as acceptance. A CFDI with a valid related document, such as a payment, cannot be cancelled. This is why a lender keeps checking a financed invoice until it is paid.

What is the 69-B list?

It is SAT's public list of taxpayers presumed to issue invoices for operations that did not take place. Lenders check the issuer's tax ID against it. Customers of an issuer listed as definitive have 30 days to prove that the goods or services were delivered or to correct their filings.

Read next

• Corridor guideCustoms brokers and the customs declaration (pedimento)
• Corridor guideFactoring in Mexico: how exporters sell invoices for cash
• Corridor guideSupplier finance programs run by large US buyers
• Corridor guideDeductions, chargebacks and disputes that delay payment
• Corridor guideWhat lenders ask Mexican companies for
• Product briefAuto parts: the trade that crosses the Mexico-US border in both directions
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Financing Mexican invoices between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. SAT (Servicio de Administración Tributaria), Esquema de cancelación de CFDI 2026. https://www.sat.gob.mx/minisitio/Factura/documentos/EsquemaCancelacionCFDI.pdf
2. KPMG TaxNewsFlash, Mexico updates electronic invoicing (CFDI) in 2026 tax reform, November 12, 2025. https://kpmg.com/us/en/taxnewsflash/news/2025/11/mexico-updates-electronic-invoicing-cfdi-2026-tax-reform.html
3. Runa HR, Validar factura SAT, March 21, 2026. https://runahr.com/mx/recursos/nomina/validar-factura-sat/
4. El Contribuyente, El 1 de abril ya es obligatoria la factura 4.0, March 6, 2023. https://www.elcontribuyente.mx/2023/03/apuntalo-el-1-de-abril-ya-es-obligatoria-la-factura-4-0/
5. Facturama, Complemento de Comercio Exterior (undated). https://www.facturama.mx/comercio-exterior
6. Sovos, Mexico: SAT publishes version 3.1 of the Carta Porte supplement, June 2024. https://sovos.com/regulatory-updates/vat/mexico-the-sat-publishes-version-3-1-of-the-carta-porte-supplement/
7. El Imparcial, SAT detected 289 taxpayers for presumed use of false invoices in 2026, July 30, 2026. https://www.elimparcial.com/dinero/2026/07/30/el-sat-detecto-289-contribuyentes-por-presunto-uso-de-facturas-falsas-en-2026-y-acelero-el-proceso-para-investigarlos-y-bloquearlos/
8. Siempre al Día, Lista de EFOS del SAT, artículo 69-B, updated August 23, 2026. https://siemprealdia.co/mexico/fiscal/lista-de-efos-del-sat-articulo-69-b/
9. KPMG TaxNewsFlash, Mexico: first amendments to miscellaneous tax resolution for 2026, July 2026. https://kpmg.com/us/en/taxnewsflash/news/2026/07/mexico-first-amendments-miscellaneous-tax-resolution-2026.html
10. Cluster Industrial, CLAUT and Nafin support finance for auto SMEs in Nuevo León, September 2026. https://clusterindustrial.com.mx/claut-y-nafin-impulsan-financiamiento-para-fortalecer-a-las-pymes-automotrices-de-nuevo-leon/

All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this guide. Prepared for Ossiano Capital. People planned, researched, wrote and checked this guide, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.