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Types of Payment Systems in Mexico

Payment systems comprise instruments, banking operations, inter-bank funds and transfer systems that facilitate the circulation of funds. Originally these systems were created to service the financial market, however, with the evolution of technology the offering has been extended across the entire ecosystem.

In Mexico, these systems are categorized into two categories: (i) high-value and (ii) low-value.

(i) High-Value are the systems that are processing the urgent transactions

  • Sistema de Atención a Cuentahabientes de Banco de México (SIAC). Administration System that is used as means of the Mexican Central Bank to provide liquidity to the payment system providers.
  • Sistema de Pagos Electónicos de uso Ampliado (SPEUA). Payment system that is used between banks.
  • Sistema de Pagos Electrónicos Interbancarios (SPEI). Enables all payment system participants  to make electronic transfer of funds between each other. This is by far the most deployed payment system in Mexico.
  • Sistema de Depósito, Administración y Liquidación de Valores (DALÍ). A system for the settlement of securities operations.
  • Sistema de Pagos Interbancarios en Dólares (SPID). A system that allows making interbank electronic transfers denominated in US dollars between accounts held in that currency in Mexico.
  • Continuous Linked Settlement (CLS). International system that liquidates Foreign Exchange market (FX) operations.

(ii) Low-Value are the systems that process payments undertaken by the general public that are not classified as urgent and normally settle on T+1 or T+2 basis.

  • Cobro Digital (CoDi). QR Code based payment system (reminiscent of PIX in Brazil).
  • Compensation Chambers (SICAM). System servicing the compensation and liquidation of interbanking documents, for example cheques, and TEF (see immediately below) transactions.
  • Transferencia Electrónica de Fondos (TEF). Payments between banking clients by means of Electronic Transfers.
  • Directo a Mexico: The interconnectivity between USA and Mexico payment systems.
  • Card Processing: This system is operated by PROSA, E-GLOBAL, Mastercard and Visa in which the compensation of the operations is done and then executed through commercial banks.

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