MEXICO

On March 16 the Bank of Mexico (Banxico) published 3 documents modifying provisions regarding interbank and financial payments. The first one modifies the Rules of the Interbank Electronic Payments System (SPEI in Spanish). The second one makes changes to the Rules of the Interbank Payments System in Dollars. Finally, the third resolution provides for amendments to the General Provisions applicable to credit institutions that provide funds transfer services. The three resolutions are expected to be published in the Official Gazette of the Federation (DOF in Spanish) in the medium term for their entry into force. 

Rules of the Interbank Electronic Payment System 

The purpose of this text, according to the entity, is to establish new measures in favor of user customers to create a more efficient system and to strengthen operational continuity schemes. To this end, it makes a series of modifications, among which the following stand out:

• it offers as a new payment service the sending of fund transfers identifying the beneficiary only with the ten digits of the account holder’s mobile telephone number

• it allows transactions for larger amounts to be carried out during extended hours

Rules of the Interbank Payments System in U.S. Dollars

According to the central bank, the purpose of this text is to provide certainty to participants regarding the independence requirements to be met by the independent external auditors they hire. With a view to this objective, a series of amendments have been made, among which the following stand out:

• the auditor will not be considered to be independent when he has been a client or supplier of the participant during the year immediately preceding the year in which he/she intends to provide the service

• independence will also not be considered to exist when the auditor has outstanding charges with the participant for fees for other services

• those entities that wish to become participants in this System must have an Additional Risks model.

General provisions applicable to credit institutions providing funds transfer services

The purpose of this text, according to the institution, is to establish a series of requirements that participants must comply with in order to guarantee that transfers requested by customers are efficiently carried out. To this end, it makes a series of modifications, among which the following stand out:

• financial institutions must have systems, procedures and control measures in place to certify and validate the identity of the sending customer

• receive from their clients to whom they provide indirect participation services in SPEI, the payment confirmations to inform that the funds were credited to the requested accounts
  

Other regulations

Finally, Banxico also issued Circular 4/2022, which modifies provisions on fund transfers in other regulated credit institutions, such as multiple purpose entities that maintain equity links with credit institutions.