Cash services - Mexico
Reference
Cash payments
Below you can find the necessary information to include and formats to use when instructing clearing payments in Mexican Pesos, MXN.
The mandatory requirements1 for payment instructions to be processed in the market are the following:
Special attention is to be paid if the payments relate to “For further credit-FFC” or if they derive from a foreign exchange transaction.
pacs.009 - Standard payments
MX message | Description | Conditions |
pacs.009 | Creditor agent or intermediary agent (CdtrAgt or IntrmyAgt1) | Mandatory. Local agent or intermediary bank to be credited as applicable. |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Account with institution number of the local agent or intermediary bank as applicable. | |
Creditor account (CdtrAcct/Id/Othr/Id) | Mandatory. Beneficiary account number to be credited by the local participant bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. Beneficiary name. May be the beneficiary name or the beneficiary bank BIC, in line with local practice. |
pacs.008 - Standard payments
MX message | Description | Conditions |
pacs.008 | Creditor agent or intermediary agent (CdtrAgt or IntrmyAgt1) | Mandatory. Local agent or intermediary bank to be credited as applicable. |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Account with institution number of the local agent or intermediary bank as applicable. | |
Creditor account (CdtrAcct/Id/Othr/Id) | Mandatory. Beneficiary account number to be credited by the local participant bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. Beneficiary name. May be the beneficiary name or the beneficiary bank BIC, in line with local practice. |
pacs.009 - Further credit (FFC) payments
MX message | Description | Conditions |
pacs.009 | Intermediary agent (IntrmyAgt1/FinInstnId/BICFI) | Mandatory. Local agent or intermediary bank to be credited. |
Creditor agent (CdtrAgt/FinInstnId/BICFI) | Mandatory. Beneficiary bank identification. | |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Beneficiary account number held at the beneficiary bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. Beneficiary name or beneficiary bank BIC, according to local practice. |
pacs.008 - Further credit (FFC) payments
MX message | Description | Conditions |
pacs.008 | Intermediary agent (IntrmyAgt1/FinInstnId/BICFI) | Mandatory. Local agent or intermediary bank to be credited. |
Creditor agent (CdtrAgt/FinInstnId/BICFI) | Mandatory. Beneficiary bank identification. | |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Beneficiary account number held at the beneficiary bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. Beneficiary name or beneficiary bank BIC, according to local practice. |
pacs.009 - Payments resulting from a foreign exchange transaction with another bank’s treasury department
MX message | Description | Conditions |
pacs.009 | Creditor agent or intermediary agent (CdtrAgt or IntrmyAgt1) | Mandatory. Local agent or intermediary bank to be credited as applicable. |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Account with institution number where applicable. | |
Creditor account (CdtrAcct/Id/Othr/Id) | Mandatory. Beneficiary account number to be credited by the local participant bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. The name of the local bank must be quoted. |
pacs.008 - Payments resulting from a foreign exchange transaction with another bank’s treasury department
MX message | Description | Conditions |
pacs.008 | Creditor agent or intermediary agent (CdtrAgt or IntrmyAgt1) | Mandatory. Local agent or intermediary bank to be credited as applicable. |
Creditor agent account (CdtrAgtAcct/Id/Othr/Id) | Mandatory. Account with institution number as applicable. | |
Creditor account (CdtrAcct/Id/Othr/Id) | Mandatory. Beneficiary account number to be credited by the local participant bank. Must be an account number and not a BIC. | |
Creditor name (Cdtr/Nm) | Mandatory. The name of the local bank must be quoted. |
Note: All interbank payments in Mexico are processed through the Central Bank’s payment system known as Sistema de Pagos Electrónicos Interbancarios (SPEI), which allows electronic money transfers between bank accounts of different banks in seconds, operating 24 hours a day, seven days a week. There is no requirement to populate the Central Bank’s BIC in pacs.008 or pacs.009 instructions.
All cash payment instructions that do not contain the minimum information structured accordingly will result in Clearstream’s cash correspondent bank inability to process your payment on time or the rejection of payments by Local Financial Institutions to the bank effecting the payment with no liability to the bank paying or receiving the funds.
Foreign exchange
Foreign exchange services for MXN are available to clients as an integral part of Clearstream’s Automatic FX service, the case-by-case and the FX service for securities settlement instructions.
If clients need to buy MXN in order to settle a securities purchase, they are recommended to use the FX service for securities settlement instructions. To purchase MXN on a case-by-case basis, clients should instruct Treasury Desk directly by an authenticated communication.
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1. Although some mandatory information may not be in line with SWIFT standards, they remain mandatory in Mexico.
