Regulatory Alerts2016-03-11 | Circular 4/2016Added
Circular 4/2016 — Rules of the Interbank Payments System in Dollars (SPID)
Banco de Mexico establishes the operational rules for the Sistema de Pagos Interbancarios en Dólares (SPID), authorizing credit institutions to process secure, efficient interbank dollar transfers between corporate checking accounts. The circular defines key terms, outlines liquidity management requirements including mandatory SPID and funding account balances, and mandates specific verification procedures for digital certificates and incoming transfer requests to mitigate illicit activity risks. It further details the operational workflow for third-party-to-third-party transfers, specifying mandatory acceptance of certain order types and strict timelines for notification and settlement.