Banco de México plays three roles vis-à-vis the payment systems:
- It operates the SIAC and SPEI® systems.
- It is a payment systems user. It uses the payment systems to implement monetary policy, provide liquidity to the financial system, receive collateral from banks, provide services such as Directo a México (remittances transfer from abroad), pay its own payroll, and pay suppliers.
- It is both the supervisor and regulator of the systems.
A payment system is a set of instruments, bank procedures and, usually, interbank fund transfer systems that guarantee the circulation of money.
Payment systems are traditionally classified as either high value or low value.
There is widespread consensus that high-value payment systems should be settled on a same-day basis, and, as a general rule, as soon as possible. Originally, these systems were developed to settle: 1) transactions in the financial markets, 2) obligations originating in other payment systems, and, 3) financial intermediaries´ obligations. The average payment amount was very high. Recent technological and financial advances have made it possible for financial intermediaries to offer the services to their clients at low cost.
SPEI®. The main system banks use to settle transactions among themselves and on behalf of their customers.
DALÍ. The securities deposit, administration and settlement system, where securities market operations are settled.
SIAC. Manages the accounts commercial banks maintain at the central bank. The central bank uses SIAC to provide liquidity to the banks, although it works as a payment system as well.
Banco de México runs SIAC and SPEI®. Indeval S.A. runs DALÍ.
SPEI® is a large-value funds transfer system in which participants can make transfers among themselves on behalf of themselves or their customers. Each payment order contains information allowing identification of the sender client and the client to whom the payment should be credited. The system began operating on August 13, 2004.
Pension fund management firms (Afores); brokerage firms; foreign exchange firms; banks; insurance companies; non-bank financial entities (Sofomes); and, investment firms.
Safety in the SPEI® system is based on digitally signed messages. Participants must use authorized digital certificates and passwords obtained in accordance with the rules of the Public Key Infrastructure (Infraestructura Extendida de Seguridad) developed by Banco de México.
SPEI® uses an open protocol (i.e., system communication rules are public). The protocol allows participants to develop automatic processes and provides more and improved services to their customers.
The CLABE (Clave Bancaria Estandarizada, Spanish for “standardized banking cipher”) is a banking standard for the numbering of bank accounts in Mexico. This standard is a requirement for the sending and receiving of domestic inter-bank electronic funds transfer since June 1, 2004. The CLABE account code has 18 digits.
The 18 digits of the CLABE follows this structure:
- 3 Digits: Bank Code
- 3 Digits: Branch Office Code
- 11 Digits: Account Number
- 1 Digit: Control Digit
When using SPEI® to make a payment, first you must choose a reference number of up to 7 digits that is easy to remember. As soon as you order the payment, your bank will also provide you with an identifier (tracking number) made up of up to 30 alphanumeric characters. These numbers will help you to identify your payment.
In order to know your payment’s processing status, in addition to any of these numbers, you must provide the names of your bank and the receiving bank, as well as the transaction date.
You can obtain a payment receipt through SPEI® issued by the receiving bank, which contains information about the transaction. The EPR contains the series number of the security certificate, the original chain, and the digital seal, which validates the certificate’s authenticity and gives the user payment certainty. To obtain it you must provide the transaction date, the reference or tracking number and the names of the issuing and receiving banks. It can be downloaded for printing in PDF or XML format.
Consult Electronic Payment Receipt (Available only in Spanish)
This service allows payments among customers of different banks to be made electronically. Customers can place orders at their own banks for a fund transfer to any third party holding a bank account at any bank.
The transfer can be made on the date t+1 or t+2 for any amount. TEF operations are settled at SICAM and never reach SPEI system