Las remittances, financial technology (fintech) and even fast money transfers through cell phones, as is the case in Brazil with the Pix platform, will now be able to use the backbone of Mexico’s payment systems.
These services may use the Interbank Electronic Payment System (SPEI), operated by the Bank of Mexico (Banxico), which to date 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, without having to go to a bank branch.
The director of Policy and Studies of Payment Systems and Market Infrastructure of Banxico, Othon Moreno Gonzalez, He said in an interview with EL UNIVERSAL that, for this, there is a new regulation that will serve to take future steps such as SPEI 2.0 and to issue the new digital currency.
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He announced that the payment of remittances using the SPEI could be available as of next December, and with this it will open the possibility to more remittance companies in USA to have a more efficient scheme, which will boost competition, to the benefit of the countrymen.
Meanwhile, the fintechs, especially the smaller institutions, will be able to offer their clients immediate transfers of funds by being indirect participants of SPEI, by subcontracting to a bank or brokerage house that has the authorization to connect to the system or that has direct relationship with Banxico for the processing of transfer orders.
With this new participation mechanism, he said, SPEI provides solutions to institutions that were considering connecting, but the accounts did not work out for the investment amounts, for the technological operational requirements and what a direct connection with Banxico implies. Now they have this other option, to connect through the direct participant in contractual terms with those entities, he said.
Remittance transfers are one of the main sources of income for the country, and for this concept last year a record amount of 51.6 billion dollars was received.
Moreno Gonzalez He explained that with the new rules, the processing for the sending and payment of these resources will be strengthened, and for nationals it will not be necessary to have a bank account in the United States.
They can do it like now, through a remittance company, a company that, in order to be able to get on the new remittance-type messaging scheme in the SPEI, must have an agreement with a financial institution in Mexico connected to Banxico’s payment system.
When the countryman makes the shipment, he can deliver the resource electronically to an account, in cash or by check, and then the remittance company registers it in its systems and instructs it to go to a CLABE or deposit account.
Then the remittance company contacts its counterpart in Mexico connected to SPEI, and orders a payment, for example, of 500 dollars, which was deposited in that account.
Meanwhile, the compatriot 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 González assured, the scope is increased and it is avoided that the Mexicans who are receiving the remittances have to go and collect them in cash, with the risks that this implies, and they will be able to keep the money in that account.
In addition, he denied that the use of HOPE will represent an additional cost that is charged to the commission charged to the countryman.
“The commission shouldn’t go up. On the contrary, it will give more remittance companies more possibilities to have a more efficient scheme, and it will generate more competition”, he stated.
He said that this can be done now, but the problem is that, when sending the message, some participants find it difficult to process the payment, which delays processing times.
“With this new message we are going to eliminate that, we are going to give everyone clarity on the resources,” he added.
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CELL PHONE PAYMENTS
The official of Banxico He recalled that for some years customers of institutions in the financial system have been allowed to make payments through cell phones.
“Today, practically all clients of financial institutions that take deposits give their cell phone number to their entity, their bank or Sofipo for the reception of electronic payments”, he commented.
They do it for the mobile application, in order to receive confirmation messages, notifications on the movements of their accounts and, of course, to associate the Digital Collection (CoDi) platform with the services, he stressed.
However, the central bank already has a database through which the smartphone numbers of these users are associated.
What the new rule is offering is to put together that database within Banxico so that when the client instructs a payment to a telephone number, they do not have to say which bank they go to.
“This will allow us to offer new services, where instead of having accounts registered with the bank, you can pull the phone number from the directory from the mobile device itself, and you no longer need to know where the account is,” assured.
Funds transfers can be sent by identifying the beneficiary only with the 10 digits of the account holder’s mobile telephone number, something similar to the system in Brazil, called Pix.
On the subject of the digital currency that Banxico plans to issue in three years, Moreno González stated that it sounds like something challenging but not impossible.
“It is challenging, but without a doubt the project is not going to end in three years. Just as SPEI is a project that has been evolving for decades, having a digital currency in circulation in the next few years is challenging, but possible,” he said.
He said that the timeline set for the birth of the digital weight does not mean that it will be a final product.
Just as the payment system emerged 18 years ago, it continued to innovate with the creation of the CoDi, payment through the cell phone, to continue with SPEI 2.0 later, he said.
“It is part of a path. Banxico’s digital currency will be the culmination of a whole process of development and mobilization of the way payments are made in Mexico to provide an alternative to the population, in addition to cash, transfers, deposit accounts and payment funds email,” he stressed.
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