Circular 24/2011 — Modifies Circular 17/2010

Friday, December 2, 2011 OFFICIAL GAZETTE (First Section) 90

CIRCULAR 24/2011 addressed to participants in the Interbank Electronic Payment System regarding modifications to the SPEI rules.

At the margin, a logo stating: Bank of Mexico.

CIRCULAR 24/2011

TO THE PARTICIPANTS IN THE INTERBANK ELECTRONIC PAYMENT SYSTEM:

SUBJECT: MODIFICATIONS TO THE SPEI RULES

The Bank of Mexico, in order to continue promoting the proper functioning of payment systems, considers it convenient to implement a system for receiving information on credit confirmations of funds received through the Bank of Mexico's Interbank Electronic Payment System (SPEI), through which users of this system will have free access to an electronic payment receipt containing information on the fund transfers they make.

Therefore, based on Articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 2nd, 3rd, fraction I, 24 and 31 of the Bank of Mexico Law; 6th and 10 of the Payment Systems Law; 22 of the Law for Transparency and Ordering of Financial Services; as well as Article 4, first paragraph, 8th, fourth and seventh paragraphs, 10, 12 Bis in relation to Article 20, fraction XI, and 14 Bis in relation to Article 17, fraction I, of the Internal Regulations of the Bank of Mexico, which provide for its authority to issue provisions through the General Directorate of Strategy, Risks and Payment Systems and the General Legal Directorate, respectively; as well as Article 2 of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, fractions IX and XI, has resolved to add the definition of "Credit Confirmation" to item 1, as well as modify item 6, of Circular 17/2010, to read as follows:

RULES OF THE INTERBANK ELECTRONIC PAYMENT SYSTEM

"1. DEFINITIONS

For brevity, in singular or plural, in these Rules the following shall be understood as:

...

Credit Confirmation: the message sent by a Receiving Participant through the SPEI, to inform that the funds of an Accepted Transfer Order have been credited to the beneficiary's account.

..."

"6. CREDITING OF ACCEPTED TRANSFER ORDERS

Receiving Participants shall:

a) Credit the amount of Accepted Transfer Orders to the beneficiaries' accounts within thirty seconds following the receipt of the Settlement Notice.

This time limit shall not be mandatory for Accepted Transfer Orders received between the SPEI opening time specified in the Manual and 05:59:59 hours Mexico City time, regarding which their amount must be credited to the accounts of the respective beneficiaries no later than 06:00:30 hours, as well as in other cases provided for in the Manual.

b) Provide beneficiaries with relevant information on Accepted Transfer Orders, including "Payment Concept," "Tracking Key," and "Reference Number." The foregoing, through the communication mechanisms agreed upon for this purpose, or when the amount must be delivered at the counter in cash, at the time of making the respective payment, and

c) Generate a Credit Confirmation and send it to the SPEI within thirty minutes following the crediting of the amount of the Accepted Transfer Order to the beneficiary's account, in the circumstances and in accordance with the specifications established in the Manual."

TRANSITIONAL PROVISION

SINGLE. This Circular shall enter into force on February 24, 2012.

Mexico, D.F. on November 30, 2011.- BANK OF MEXICO: the General Director of Strategy, Risks and Payment Systems, David Aarón Margolín Schabes.- Signature.- The General Legal Director, Héctor Reynaldo Tinoco Jaramillo.- Signature.

Friday, December 2, 2011 OFFICIAL GAZETTE (First Section) 91

For any inquiries regarding the content of this Circular, please contact the Department of Authorizations, Consultations and Legal Control, located at Avenida 5 de Mayo number 2, sixth floor, Colonia Centro, Mexico City, Federal District, C.P. 06059, or by telephone at 5237.2308, 5237.2000 ext. 3200 or 5237.2317.