SPEI 2.0 – New regulations for indirect participants | Hogan Lovells
[co-author: Manuel Valdez]
New rules for the Mexican electronic transfer system known as SPEI were released on March 23, 2022 regarding fintech companies and smaller players that indirectly connect to this system through other larger financial institutions.
The main purpose of these amendments is (i) to regulate entities that do not have a direct link to the system but are connected through other larger institutions and banks such as fintech companies, (ii ) to set thresholds for such indirect participants to become direct participants and if they fail to connect directly, to disconnect their indirect connection, (iii) regulate and set minimum provisions that agreements entered into and entered into between indirect participants and direct participants shall have, (iv) require direct participants, who offer their customers and indirect connection to SPEI to become clearing houses; and (v) set the obligation for all participants (direct and indirect) to issue and accept CODI payments (a standard QR form) between customers.
The timeline for these provisions to come into force is complex, but financial institutions, fintech firms and other SPEI-related entities will be required to implement changes and come into compliance in the near term.