Regulatory Alerts2015-03-06 | Circular 4/2015Added
Circular 4/2015 — Modification to Circular 17/2010
The Bank of Mexico modifies the SPEI Rules to adjust the 24/7 processing and settlement obligations for mobile device transfers based on whether participants hold at least 1,500 demand deposit accounts. Participants with fewer than 1,500 accounts are exempt from the 24/7 requirement and must process such transfers only during business hours (06:00 to 17:30). The circular also introduces a new "SPEI Alternate Account" and "Scheduled Payment" mechanism, allowing credit institutions to process scheduled payments through a dedicated account after signing an agreement with the Bank of Mexico. These changes include specific transitional deadlines for compliance, with full implementation of the 24/7 rules and new payment features occurring on November 6, 2015, and March 17, 2015, respectively.
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