Regulatory Alerts2019-10-01 | Circular 12/2019Added
Circular 12/2019 — Modifications to Circular 3/2012 (CoDi Transfer Implementation)
The Bank of Mexico amends Circular 3/2012 to implement the CoDi electronic payment platform by adding Articles 17 Bis and 17 Ter, which mandate that institutions with at least 3,000 demand deposit accounts enable fund transfers via acceptance of 'Payment Messages' through mobile or internet devices. The regulation defines 'Payment Message' and 'Software Program', establishes requirements for CLABE and debit card identification for account levels 1-4, and allows mobile number association for transfers. It also introduces Annex 28 for authorization requests to use non-standard software programs, subject to a threshold of 8 million pesos and 1,000 accounts per month.
More like this from BANXICO
We email you every new BANXICO publication the day it's published.