Regulatory Alerts2013-12-06 | Circular 4/2013Added
Circular 4/2013 — Modifications to Circular 17/2010
The Bank of Mexico amends the Rules of the Interbank Electronic Payments System (SPEI) to authorize and regulate electronic fund transfers via mobile devices. The modifications define "Transfer through Mobile Devices," establish operational requirements for participating issuers to receive and process requests 20 hours daily (5:00 to 1:00), and mandate specific settlement and return timelines of five to ten seconds for these transactions. The new rules also introduce a specific tariff of $0.10 per mobile transfer and set staggered effective dates for implementation between May 2014 and February 2015.
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