Regulatory Alerts2019-10-01 | Circular 11/2019Added
Circular 11/2019 — Modifications to Circular 13/2017 (Implementation of CoDi Transfers)
The Bank of Mexico amends Circular 13/2017 to introduce definitions for "Payment Message" and "Software Program" and establishes a new Chapter III Bis regulating third-party developers of software programs. This framework allows third parties to register and certify software capable of generating Payment Messages for the CoDi electronic payment platform without direct intervention by a payment system participant, subject to prior certification by the SPEI Administrator. The regulation imposes specific obligations on SPEI participants, including requirements to process, generate, and receive Payment Messages using certified software, and prohibits the immediate availability of funds on the same business day under certain alert conditions. The Bank of Mexico reserves the right to revoke the registration of third-party developers for non-compliance with administrative specifications or applicable regulations.
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