Regulatory Alerts2022-03-18 | Circular 1/2022Added · Updated
Circular 1/2022 — Modifications to Circular 14/2017
The Bank of Mexico modifies the Rules of the Interbank Electronic Payment System (SPEI) to regulate the indirect participation of financial entities, thereby establishing standardized criteria for indirect service providers and defining new terms such as Indirect Participant and Indirect Client. The amendments expand SPEI processing capacity by implementing a new SPEI instance to preserve operational continuity amid growing transfer volumes. Additionally, the document introduces measures to enhance client protection, extend operating hours for higher-amount transactions, authorize new payment services like mobile-number-based fund transfers, and strengthen remittance processing.
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