Regulatory Alerts2019-05-20 | Circular 8/2019Added
Circular 8/2019 — Modifies Circular 14/2017
Bank of Mexico modifies Circular 14/2017 to establish the regulatory framework for CoDi (Digital Collection) electronic payment transfers within the SPEI system. The document defines new terms including "Beneficiary Client," "Issuer Client," "Collection Message," and "CoDi Transfer Order," and mandates specific security requirements and operational processes for participants. It requires credit institutions with at least 3,000 demand deposit accounts to allow customers to generate collection messages and transfer orders via mobile devices, thereby promoting financial inclusion and electronic payment adoption.