The invention relates to a security element (21) for a security or value document (20), the security element comprising a substrate and a combined 2D matrix code (1) that is printed on a
substrate surface of the substrate and has an arrangement of modules (3) which are arranged on the
substrate surface so as to define a matrix code area (2), wherein printed modules (4) of the arrangement of modules (3) are printed using colours that luminesce when illuminated with excitation light and each correspond to a colour channel of a multicolour channel
system. The 2D matrix code comprises a first 2D matrix code (5), in which a first item of matrix-coded information is provided so as to be independently optically readable by means of first printed modules, and the first printed modules are printed onto the substrate in a first colour which corresponds to a first colour channel of the multicolour channel
system; and a second 2D matrix code (6) which at least partially overlaps the first 2D matrix code in the region of the matrix code area (2), and in which a second item of matrix-coded information is provided so as to be readable by means of second printed modules, and the second printed modules are printed onto the substrate in a second colour which corresponds to a second colour channel of the multicolour channel
system, which second colour channel differs from the first colour channel. When optically reading the combined 2D matrix code (1), the first 2D matrix code (5) can be read separately by reading the first colour channel, and the second 2D matrix code (6) can be read separately by reading the second colour channel. The invention also relates to a security or value document (20), to a method for producing a security element for a security or value document, to a method for optically reading a security element, and to a method for verifying a security or value document (20).