Regulatory Alerts2008-05-02 | Circular 15/2008Added
Circular 15/2008 — Modifies Circular 1/2006
The Bank of Mexico modifies Circular 1/2006 to establish specific timeframes for Credit Institutions participating in the Interbank Electronic Payments System (SPEI) to credit payments and process returns. Participating institutions must credit payment orders and returns within ten minutes of receiving the Liquidation Notice, except for orders received between the SPEI opening time and 08:29:59 Mexico City time, which must be credited by 08:40:00. Returns must be processed within twenty minutes of the Liquidation Notice, with the same early-morning exception requiring completion by 08:50:00. Additionally, participants are required to provide the Bank of Mexico with information regarding their SPEI operations in the form and deadlines requested by the central bank.
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