Circular 13/2015 — Modification to Circular 17/2010 (SPEI Rules)

(First Section) OFFICIAL GAZETTE Monday, August 31, 2015 BANCO DE MEXICO CIRCULAR 13/2015, addressed to participants in the Interbank Electronic Payment System (SPEI), regarding the Modification to Circular 17/2010 (SPEI Rules).
At the margin a logo, which says: Banco de Mexico.
CIRCULAR 13/2015
TO PARTICIPANTS IN THE
INTERBANK ELECTRONIC PAYMENT SYSTEM (SPEI):
SUBJECT: MODIFICATION TO CIRCULAR 17/2010
(SPEI RULES).
Banco de Mexico, with the purpose of continuing to promote the proper functioning of payment systems and the sound development of the financial system, has considered it convenient to direct participants of the Interbank Electronic Payment System (SPEI) to establish additional measures in favor of client users of said system, so that they obtain greater information and certainty in the operations they carry out, in particular:

• That participating credit institutions: i) provide their clients with: detailed information on the transfers they send or receive through SPEI, as well as Internet links to facilitate the consultation of digital documents in which the settlement of said transfers is recorded, and ii) be obliged to make payments of determined amounts in case of non-compliance with the deadlines required for the sending, crediting or return of transfer orders provided for in the Rules.
• That SPEI participants: i) implement a new message for the return of the resources of a transfer that has not been credited, in those cases where such return is made on a date subsequent to that on which the corresponding transfer was instructed, and ii) strengthen contingency procedures to deal with scenarios of prolonged interruption of SPEI services or of the applications of participating institutions.
  For the above reason, based on articles 28, sixth and seventh paragraphs, of the Political Constitution of the United Mexican States, 2, 3, fraction I, 24 and 31 of the Banco de Mexico Law, 6 and 10 of the Payment Systems Law, 22 of the Law for the Transparency and Ordering of Financial Services, 4, first paragraph, 8, fourth and seventh paragraphs, 10, first paragraph, 14 Bis, in relation to 17, fraction I, and 15, first paragraph, in relation to 20, fraction XI, of the Internal Regulations of Banco de Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the General Directorate of Payment Systems and Corporate Services, respectively, as well as Second, fractions VIII and X, of the Agreement on the Assignment of Administrative Units of Banco de Mexico, it has resolved to modify numerals 2, first paragraph, 3.1, first paragraph and item d), 3.3, item b), 6, 7.2, 9, 10, items b) and c), 11.1, and 11.3, second paragraph, as well as add the term “UDIS”, with the respective definition, to numeral 1, the numerals 6 Bis, 7.4, 9.2, 9.3, and an item d) to numeral 10, of the “Rules of the Interbank Electronic Payment System” contained in Circular 17/2010, to remain in the following terms:
  RULES OF THE INTERBANK ELECTRONIC PAYMENT SYSTEM

1. DEFINITIONS
   …

Monday, August 31, 2015 OFFICIAL GAZETTE (First Section) “UDIS: the units of account, whose value in national currency is published by Banco de Mexico in the Official Gazette of the Federation, in accordance with articles Third of the “Decree by which the obligations that may be called investment units are established and reform and add various provisions of the Fiscal Code of the Federation and the Income Tax Law” published in the Official Gazette of the Federation on April 1, 1995 and 20 Ter of the Fiscal Code of the Federation.”
2. CRITERIA FOR ACTING AS A PARTICIPANT
“Retirement fund administrators; brokerage houses; exchange houses; credit institutions; insurance companies; savings and loan cooperative societies; investment fund share distributing societies; regulated multiple-purpose financial societies; popular financial societies; community financial societies and investment fund operating societies; institutions for the deposit of securities, as well as clearing houses authorized by Banco de Mexico in terms of the Law for the Transparency and Ordering of Financial Services, may act as Participants in SPEI. Banco de Mexico may allow other entities regulated and supervised by Banco de Mexico itself, the National Banking and Securities Commission, the National Retirement Savings System Commission or the National Insurance and Surety Commission to act as Participants.” …
3. REQUEST AND SENDING OF ACCOUNT HOLDER TRANSFER ORDERS
3.1 REQUEST FOR SENDING
“Participants who maintain money deposit accounts for their clients and who, in turn, have agreed with said clients to process, as Issuing Participants and charged to said accounts, the sending requests of Transfer Orders that such clients transmit to them, must allow said requests to be presented as follows:” … “d) With the information that, in their case, the clients in question indicate in the fields “Reference Number” and “Payment Concept”. In the case of Transfers through Mobile Devices, the Participants referred to in this Rule may omit the “Reference Number” field in the sending request formats for Transfer Orders that they make available to their clients, and” …
3.3 SENDING OF TRANSFER ORDERS
…
“b) Send to the Receiving Participant the information of the Transfer Order in question, including that corresponding to the “Tracking Key” field that has been assigned by the Issuing Participant in accordance with what is established to that effect in the Manual, as well as that corresponding to the fields “Reference Number” and “Payment Concept” that, in their case, the client has specified in the sending request of said Transfer Order or, otherwise, that other one that, in accordance with what is established to that effect in the Manual, the Issuing Participant specifies in case the client has not indicated it.”
6. CREDITING OF ACCEPTED TRANSFER ORDERS
“Receiving Participants must:
a) Credit the amount of the Accepted Transfer Orders in the respective accounts of the beneficiaries, as follows:
I. Within thirty seconds following the receipt of the Settlement Notice of the Accepted Transfer Orders, on any Banking Business Day in a schedule from 06:00:00 to 17:59:59 hours;

(First Section) OFFICIAL GAZETTE Monday, August 31, 2015
II. Within five seconds following the receipt of the Settlement Notice of the Accepted Transfer Orders corresponding to Transfers through Mobile Devices, 24 hours a day, every day of the year.
Participants who maintain less than 1,500 money deposit accounts at sight are exempt from the schedule established in the previous paragraph and must credit said Settlement Notices within five seconds following the receipt of the corresponding Settlement Notice to Transfers through Mobile Devices, any Banking Business Day in a schedule from 06:00:00 to 17:30:00 hours;
III. No later than 06:00:30 hours of the Banking Business Day corresponding to the operation date of SPEI, provided that:
(i) It concerns Accepted Transfer Orders received between the SPEI opening schedule specified in the Manual and 05:59:59 hours of the Banking Business Day corresponding to the operation date of SPEI, or (ii) It concerns Accepted Transfer Orders corresponding to Transfers through Mobile Devices, which are received by those Participants who maintain less than 1,500 money deposit accounts at sight and said orders are received between the SPEI opening schedule specified in the Manual and 05:59:59 hours of the Banking Business Day corresponding to the operation date of SPEI;
IV. No later than 08:35:00 hours of the Banking Business Day corresponding to the operation date of SPEI, provided that it concerns Accepted Transfer Orders corresponding to Scheduled Payments, received between the SPEI opening schedule specified in the Manual and 08:30:00 hours, or
V. For other cases different from those indicated in fractions I to IV above, the crediting of the amount of the Accepted Transfer Orders must be carried out in accordance with the deadlines and schedules provided to that effect in the Manual.
a Bis) In the case of Participants that are credit institutions, as well as those others that are authorized to maintain money deposit accounts at sight for their clients and who, in accordance with applicable provisions, associate mobile telephone line numbers to said accounts for the purpose of carrying out electronic fund transfers on terms equivalent to Transfers through Mobile Devices, such Participants must: (i) associate only the number of one of said lines to a single deposit account at sight of levels 2, 3 or 4 or, in case they so decide, of level 1, in order to receive Accepted Transfer Orders that identify the beneficiaries' accounts with the last ten digits of said numbers, and (ii) in accordance with applicable provisions and the operation manual to administer the catalog of identifiers of financial entities beneficiaries of Transfers through Mobile Devices issued by Banco de Mexico, request said Bank to carry out the registration in said catalog of the denominations that said institutions decide to assign to themselves, as well as also register the last three digits of the number of the participant key in the SPEI catalog, in order for said denominations and digits to be used to identify the institution in question, as Receiving Participant of said transfers. b) Generate a Credit Confirmation and send it to SPEI within thirty minutes following that they have credited in the beneficiary's account the amount of the Accepted Transfer Order, in the circumstances and in accordance with the specifications established in the Manual. In the case of Transfers through Mobile Devices, carry out the generation of the Credit Confirmation and the sending to SPEI within five minutes following that they have credited in the beneficiary's account the amount of the Accepted Transfer Order, in the circumstances and in accordance with the specifications established in the Manual.” “6 Bis. INFORMATION ON ACCEPTED TRANSFER ORDERS

Monday, August 31, 2015 OFFICIAL GAZETTE (First Section) 6 Bis. 1 The Issuing Participant and the Receiving Participant of the same Accepted Transfer Order that, in turn, hold the money deposit accounts referred to in said Transfer Order, must provide to their respective clients, in accordance with what is established in numeral 6 Bis. 3 of these Rules, the following information regarding said Transfer Order:
a) In the case of the Issuing Participant, it must provide the following information to the client who has transmitted the sending request of the Transfer Order in question:
I. The denomination of the Receiving Participant that corresponds in accordance with the SPEI catalog in force at the moment when the Transfer Order has been settled;
II. The calendar date on which the Transfer Order has been settled;
III. The amount of the Transfer Order;
IV. The Standardized Banking Key, the debit card number or the mobile telephone line number indicated in the Transfer Order to identify the respective account of the beneficiary;
V. Name, denomination or corporate name of the respective beneficiary, as it has been indicated by the client of the Issuing Participant in the respective sending request of the Transfer Order, followed by the following phrase: “(Data not verified by this institution)”;
VI. The information of the “Tracking Key” field that has corresponded to the Transfer Order;
VII. The information of the “Reference Number” field that has corresponded to the Transfer Order, and
VIII. The information of the “Payment Concept” field that has been indicated in the Transfer Order.
b) In the case of the Receiving Participant, it must provide to the holder of the deposit account at sight to which it has been obliged to credit the corresponding amount of the Transfer Order in question, the information indicated in fractions II, III, VI, VII and VIII of item a) above, in addition to the following:
I. The denomination of the Issuing Participant that corresponds in accordance with the SPEI catalog in force at the moment when the Transfer Order is received;
II. The Standardized Banking Key or the mobile telephone line number corresponding to the client's account that has requested the Issuing Participant to send the Transfer Order, and
III. The name, denomination or corporate name of the person that the Issuing Participant has indicated in the Transfer Order as the holder of the account referred to in the previous fraction II;
6 Bis. 2 The Issuing Participant and the Receiving Participant of the same Accepted Transfer Order that, in turn, are credit institutions and who have agreed with their clients to carry out operations through Internet electronic banking services, must include, in the site of the Internet portals that they make available to their respective clients for the consultation of movements of the corresponding accounts, the information that allows identifying the transfer that has been carried out in accordance with said Transfer Order. Likewise, the Participants referred to in this Rule must include in the referred consultation site, for each transfer indicated in accordance with the above, the electronic link to the Internet portal that Banco de Mexico, in its capacity as administrator of SPEI, maintains available to the parties of the Accepted Transfer Orders to provide them with the digital documents that record the settlement of the Transfer Orders, called “Electronic Payment Receipts”.

(First Section) OFFICIAL GAZETTE Monday, August 31, 2015 With respect to each transfer that the Participant in question shows to their respective clients in accordance with what is provided in this Rule, said Participant must, in accordance with what is established to that effect in the Manual, include directly in the referred portal of Banco de Mexico mentioned in the previous paragraph, in case the client in question accesses said portal through the link provided by said Participant in accordance with that same paragraph, the following information of that which must be included in said portal for the generation of the corresponding Electronic Payment Receipt:
a) The calendar date on which the respective Transfer Order has been settled; b) The information of the “Tracking Key” or “Reference Number” field that has corresponded to the Transfer Order in question; c) The denomination of the Issuing Participant and the Receiving Participant that corresponds in accordance with the SPEI catalog in force at the moment when the Transfer Order has been settled; d) The Standardized Banking Key, the debit card number or the mobile telephone line number indicated in the Transfer Order to identify the respective account of the beneficiary, and e) The amount of the Transfer Order. 6 Bis. 3 The Issuing Participants and the Receiving Participants referred to in numeral 6 Bis. 1 of these Rules must make known to their respective clients the information indicated in said numeral, in accordance with the following:
a) During the first fifteen natural days following that in which each calendar month ends, the Participants referred to in this Rule must send to their clients, free of charge and to the respective domiciles that they have provided, the information referred to in this Rule for each one of the Transfer Orders that have been carried out during said month. As an exception to what is provided in the previous paragraph, Participants will not be obliged to send the information in the form indicated in said paragraph in case they include that same information in the account statements they periodically issue to their account holders in accordance with applicable provisions, and b) In addition to what is provided in the previous item, Participants must include the information referred to in this Rule in the same means that they have made available to their respective clients for them to present sending requests for Transfer Orders and said means, in turn, allow them to consult the detail of the movements of the respective accounts they hold for them. Regarding this, Participants must include said information in the referred means, no later than at the close of the operation day of SPEI, determined in accordance with the Manual, immediate next to that in which the Transfer Order in question has been settled, as well as keep it for consultation in said means for a period of no less than two months subsequent to that in which said settlement has been carried out.”
7. RETURN OF ACCEPTED TRANSFER ORDERS
…
“7.2 Returns must be carried out as follows:
A) No later than sixty seconds after the Receiving Participant has received the Settlement Notice. This deadline will not be mandatory for Transfer Orders:
a) to e) …
B) In the event that, for any circumstance, the Receiving Participant has not carried out the return of the corresponding Accepted Transfer Order within the deadlines established in item A) above of this numeral 7.2, it will be obliged to carry out the return of said Accepted Transfer Order as a late return, in accordance with the processes established in the Manual, provided that said return is made on any operation day of SPEI subsequent to that in which said Participant has received the corresponding Transfer Order. What is established in the previous paragraph will not exempt the Receiving Participant from the sanctions that, in their case, result applicable, as well as from the payment of the amount referred to in numeral 9.2 of these Rules.”
7.3 …
“7.4 In the event that the Participant in question receives the Transfer Order subject to the return that has been carried out by the Receiving Participant referred to in the previous numeral 7.1 and cannot credit the resources subject to said return in the respective account of the client who has presented the sending request of the original Transfer Order, said Participant must:
a) Refrain from returning the resources to the Participant who has returned the original Transfer Order, and b) Make the corresponding resources available to the referred client for withdrawal at the counter or so that they can be transferred to the account that, in their case, said client indicates.”
“9. PAYMENT OF INTERESTS AND COMPENSATION
9.1 Participants who fall under the following circumstances must pay interests calculated in accordance with the last paragraph of this Rule or, in their case, the amount that results in accordance with what is provided by numeral 9.3 of these Rules:
a) In case the Issuing Participant fails to comply with any of the deadlines indicated in numerals 3.3, item a), or 7.3, it must pay the respective interests to the client who has presented the sending request of the Transfer Order in question or, in their case, it must pay the amount that results in accordance with what is provided by numeral 9.3 of these Rules, and b) In case the Receiving Participant has failed to comply with the deadline provided in numeral 6, item a), it must pay the respective interests to the beneficiary of the Transfer Order in question. …
9.2 In the event that a Receiving Participant does not comply with any of the deadlines applicable to it among those established in numeral 7.2 and said non-compliance lasts at least until the operation day of SPEI, determined in accordance with the Manual, that is subsequent to that in which the applicable deadline has expired, said Participant must pay the amount that results greater between:
a) Two hundred ninety pesos, or b) The result obtained by multiplying by two the amount that results from the calculation referred to in the last paragraph of the previous numeral 9.1.
Receiving Participants who are obliged to pay the amount that results in accordance with what is established in this Rule must add said amount to that which corresponds to the Transfer Order subject to the return that they carry out in accordance with these Rules.
On the other hand, the Participant who receives the Transfer Order referred to in the previous paragraph must credit, within the deadline indicated in numeral 7.3 of these Rules, the total amount of said Transfer Order in the same account corresponding to the client who has presented the sending request of the original Transfer Order. In their case, the Participant referred to in this paragraph will be subject to what is provided in numeral 7.4 of these Rules.
9.3 In the event that an Issuing Participant fails to comply with any of the deadlines applicable to it among those established in numeral 3.3, item a), and 7.3 and said non-compliance lasts at least until the operation day of SPEI, determined in accordance with the Manual, that is subsequent to that in which the applicable deadline has expired, said Participant will not be obliged to carry out the payment of interests referred to in numeral 9.1, item a), and, in its place, it will be obliged to carry out the payment of the amount that results in accordance with what is provided in the previous numeral 9.2. In this case, the Participant obliged to carry out the payment of the amount referred to in this Rule

(First Section) OFFICIAL GAZETTE Monday, August 31, 2015 shall pay, no later than the close of the business day of the SPEI immediately following that in which the non-compliance in question concluded, said amount into the same account corresponding to the client who presented the request for sending the Transfer Order in question.”

10. CONTINGENCIES
    … a) …
    “b) Instruct any Participant to suspend the sending of Transfer Orders to the SPEI; c) Instruct Participants to continue with the operation of the SPEI using the contingency procedures provided for in the Manual, or d) Put into operation the contingency procedure known as “Alternative Operation Procedure” (POA), in accordance with what is provided for in the Manual, for which Participants, if they are credit institutions or securities depository institutions, shall be obligated to continue with the operation of the SPEI using the aforementioned procedure. In those cases where the computer applications or programs of a Participant that is a credit institution or securities depository institution present an event that affects its operation with the SPEI, such Participants shall be obligated to apply the contingency procedure known as “SPEI Alternative Client” (COAS), in accordance with the procedures and times provided for in the Manual.”

11. GENERAL PROVISIONS
    “11.1 These Rules, the Manual, and the Contingency Manual for Operations with CLS Bank International (CLS), constitute the internal rules of the SPEI for the purposes stated in the Payments Systems Law.”
    …
    “11.3 …
    Participants that are credit institutions and others authorized to maintain deposit accounts on demand for their clients, as well as clearinghouses for Transfers through Mobile Devices, are obligated to maintain their connection with the SPEI, to comply with the operating hours established in section 6, subsection a), of these Rules. In the event that, for any circumstance, Participants lose said connection, they shall be obligated to re-establish said connection with the SPEI in terms of what is provided for in the Manual.” … TRANSITIONAL PROVISIONS FIRST.- This Circular shall enter into force on the next Banking Business Day following its publication in the Official Gazette of the Federation, except as provided in the following Transitional Articles.

SECOND.- Issuer Participants and Receiver Participants shall provide their clients with the information referred to in section 6 Bis. 1, through all means provided for in section 6 Bis. 3, starting from January 13, 2017.
Without prejudice to the foregoing, from October 9, 2015 until January 12, 2017, Issuer Participants and Receiver Participants shall provide their clients with the information referred to in section 6 Bis. 1, through one of the means provided for in section 6 Bis. 3 that the respective Participants determine for this purpose. During the period referred to in this paragraph, Issuer Participants shall not be obligated to include the phrase indicated in section 6 Bis. 1, subsection a), fraction V.

THIRD.- The modifications to section 7.2 shall enter into force on February 5, 2016.

FOURTH.- Sections 9.2 and 9.3 shall enter into force on August 5, 2016.

Monday, August 31, 2015 OFFICIAL GAZETTE (First Section) FIFTH.- Subsection d) of section 10 shall enter into force on October 26, 2015 for those Participants who at the close of the first quarter of 2015, in accordance with the total operational figures of the SPEI, made known by the Bank of Mexico on its Internet page, have sent Transfer Orders that have been settled and that represent: (i) 3% of the total volume of Transfer Orders settled in the SPEI, or (ii) 30% of the total amount settled in the SPEI, so that from the aforementioned date they must have the contingency procedures referred to in said subsection. Likewise, Participants who do not fall under the circumstances provided for in subsections (i) and (ii) of the preceding paragraph shall be able to implement the contingency procedures referred to in subsection d) of section 10, on April 1, 2016, so that until before that date they will continue applying the contingency procedures they have. Mexico City, D.F., August 26, 2015.- The General Director of Payment Systems and Corporate Services, Lorenza Martínez Trigueros.- Initialled.- The General Legal Director, Luis Urrutia Corral.- Initialled. For any queries regarding the content of this Circular, please contact the Department of Authorizations, Consultations and Legal Control, at phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000, extension 3200.