The remittances, Fintech and even fast mobile money transfers, as in Brazil with the Pix platform, will now be able to use the backbone of Mexican payment systems.
You may use these services Interbank electronic payment system (SPEI), operated by the Bank of Mexico (Banxico), which so far allows the general public to make transfers between accounts at any time and day of the week, for concepts such as paying rent and school fees between them, without having to go to a bank branch.
Director of Payment Systems and Market Infrastructure Policies and Studies at Banxico, Othon Moreno Gonzalez, He said in an interview with EL UNIVERSAL that, for this, there is a new regulation that will take future steps such as SPEI 2.0 and the issuance of the new digital currency.
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He announced that the payment of remittances using the SPEI system may be available as of next December, and this will open the way for more remittance companies in United State To have a more efficient scheme, which will enhance competition, for the benefit of citizens.
At the same time, fintech companies, especially small enterprises, will be able to offer instant money transfers to their customers through their indirect participation in SPEI, by subcontracting with a bank or brokerage house that has permission to connect to the system or has a direct relationship With Banxico for processing transfer orders.
With this new engagement mechanism, he said, SPEI is providing solutions for organizations that have been considering linking, but the calculations haven’t worked out for investment amounts, technological operational requirements and what a direct link with Banxico means. He said they now have that other option, to connect through the direct participant under contractual terms with those entities.
Remittances are one of the country’s main sources of income, and a record amount of $51.6 billion was received for this concept last year.
Moreno Gonzalez He explained that with the new rules, the processing of sending and paying these resources will be strengthened, and it will no longer be necessary for citizens to have a bank account in the United States.
They can do it like now, through a money transfer company, which is a company in order to be able to get the new remittance-type messaging system in SPEI, it must have an agreement with a financial institution in Mexico linked to the Banxico payment system.
When the citizen makes the shipment, he can electronically deliver the supplier to an account, cash or check, then the transfer company records it in their systems and directs it to go to a CLABE or deposit account.
Then the remittance company contacts its counterpart in Mexico linked to the SPEI, and requests a payment, for example, $500, that has been deposited into this account.
In the meantime, the citizen who made the shipment is notified that the money has already been deposited in the bank account in Mexico that he indicated.
With this, Moreno Gonzalez emphasized, the scope is being expanded and it is avoided that Mexicans receiving remittances will collect them in cash, with the risks involved, and will be able to keep the money in that account.
In addition, he denied that the use of SPEI It will represent an additional cost to be charged to the commission charged to the citizen.
“The commission should not go up. On the contrary, it will give more remittance companies more opportunities to get a more efficient scheme, and it will generate more competition.
It can be done now, he said, but the problem is that when the message is sent, some participants find it difficult to process the payment, which delays processing times.
“With this new message we will eliminate that, and give everyone clarification on resources,” he added.
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Cell Phone Payments
responsible Banxico He noted that several years ago, enterprise customers in the financial system were allowed to make payments via mobile phones.
“Today, all clients of financial institutions who take deposits provide their mobile phone numbers to their entity, bank or sofibo to receive electronic payments,” he commented.
He stressed that they are doing this for the mobile application, in order to receive confirmation messages and notifications about the movements of their accounts, and of course to link the Digital Collection Platform (CoDi) to the services.
However, the central bank already has a database through which the smartphone numbers of these users are linked.
What the new rule offers is to aggregate this database within Banxico so that when a customer directs a payment to a phone number, they don’t have to decide which bank to go to.
“This will allow us to introduce new services, where, instead of registering accounts with the bank, you can withdraw the phone number from the directory from the mobile device itself, and you no longer need to know where the account is,” he emphasized.
Money transfers can be sent by specifying the beneficiary only with 10 digits of the account holder’s mobile phone number, something similar to the system in Brazil, called Pix.
On the topic of the digital currency that Banxico plans to release within three years, Moreno González stated that it seems difficult but not impossible.
“It is a challenge, but without a doubt the project will not be finished in three years. Just as the SPEI project has been developing for decades, trading a digital currency in the coming years is challenging, but possible.”
He said that a specific timeline for the birth of a digital weight does not mean that it will be a final product.
Just as the payment system appeared 18 years ago, keep innovating with the creation of Cody, Via cell phone, to continue SPEI 2.0 later, he said.
“It is part of a path. Banqueco’s digital currency will be the culmination of a complete development and mobilization of the way payments are made in Mexico to provide an alternative to the population, as well as cash, remittances, deposit accounts and e-mail for payment boxes.”
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