Regulatory Alerts2010-06-15 | Circular 17/2010Added
Circular 17/2010 — Rules of the Interbank Electronic Payment System (SPEI)
The Bank of Mexico establishes the rules for the Interbank Electronic Payment System (SPEI), defining participant eligibility, transfer request procedures, and strict processing timelines. The document mandates that sending participants transmit accepted orders within 30 seconds of approval and receiving participants credit beneficiaries within 30 seconds of the liquidation notice, with specific transitional schedules for these deadlines. It also sets interest penalties for late processing based on the Banked Funding Weighted Rate, prohibits inter-participant commissions except for cash counter orders, and outlines fee structures and contingency measures.
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