Circular 5/2018 — Modification of Circular 14/2017

(First Section) OFFICIAL GAZETTE Thursday, May 17, 2018 BANK OF MEXICO CIRCULAR 05/2018 addressed to the participants of the Interbank Electronic Payments System and other interested parties acting with such status, regarding the Reform to the rules of the Interbank Electronic Payments System (SPEI), regarding the crediting times of transfers received by participants.

A logo appears at the margin, which says: Bank of Mexico.

CIRCULAR 05/2018 TO THE PARTICIPANTS OF THE INTERBANK ELECTRONIC PAYMENTS SYSTEM AND OTHER INTERESTED PARTIES ACTING WITH SUCH STATUS:

SUBJECT: REFORM TO THE RULES OF THE INTERBANK ELECTRONIC PAYMENTS SYSTEM (SPEI), REGARDING THE CREDITING TIMES OF TRANSFERS RECEIVED BY PARTICIPANTS.

The Bank of Mexico, in its capacity as administrator of the Interbank Electronic Payments System (SPEI), with the purpose of continuing to promote the proper functioning of payment systems and the healthy development of the financial system, as well as the protection of public interests, has considered it necessary to provide for the execution of risk control mechanisms that participants in the SPEI can carry out in the event of contingency events, allowing them to reduce the probability that resources derived from unauthorized fund transfers are credited to beneficiary accounts, in order to strengthen the objectives set forth by the rules of said payment system issued through Circular 14/2017, published in the Official Gazette of the Federation on July 4, 2017, consisting of robustifying the security of participants in the SPEI, comprehensively, as well as promoting greater benefits to the general population, by allowing the inclusion of new payment service providers into the SPEI and generating appropriate conditions for a competitive environment and adequate risk control that provides certainty and confidence to both participants and users.

For the above reason, the Bank of Mexico, based on Articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States; 2, fractions I, IV and VIII, and 6, of the Payment Systems Law; 22, of the Law for Transparency and Ordering of Financial Services; 4, first paragraph, 8, paragraphs fourth and seventh, 10, first paragraph, 17, fraction I, and 20, fraction XI, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the Directorate of Central Banking Regulations and the Directorate of Payment Systems, respectively; as well as Article Second, fractions VIII and X, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, has resolved to add a final paragraph to fraction I of Article 19th, of the Rules of the Interbank Electronic Payments System, contained in the aforementioned Circular, to read as follows:

RULES OF THE INTERBANK ELECTRONIC PAYMENTS SYSTEM

19th. …

I. …

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“As an exception to what is provided in the previous paragraph, regarding those transfers for amounts equal to or greater than fifty thousand pesos or those received successively that reach or exceed said amount, in the event that a Receiving Participant determines to carry out, in accordance with its internal processes, additional validations to those provided in these Rules to perform the credit referred to in this fraction, it may request authorization from the Administrator, through the Business Operation and Continuity Management of the Payment Systems, for a period not exceeding six months, to perform such credits in a period longer than those referred to in the first and second paragraphs of this present fraction, as applicable, which it determines for such purposes. Participants requesting the indicated authorization must state in their request that they are in the process of automating the validations, for the purposes referred to in this rule, within the timeframes indicated in this fraction, once the period of the requested authorization concludes.”

II. to V. …

…

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TRANSITIONAL PROVISION

SINGLE. This Circular shall enter into force on the day of its publication in the Official Gazette of the Federation.

Mexico City, May 14, 2018.- The Director of Central Banking Regulations, Mario Ladislao Tamez López Negrete.- Signature.- The Director of Payment Systems, Manuel Miguel Angel Díaz Díaz.- Signature.

Thursday, May 17, 2018 OFFICIAL GAZETTE (First Section) For any inquiries regarding the content of this Circular, please contact the Directorate of Authorizations, Inquiries and Legal Control, at the phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000, extension 3200