Cash services - Mexico

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

pacs.008 - Standard payments

pacs.009 - Further credit (FFC) payments

pacs.008 - Further credit (FFC) payments

pacs.009 - Payments resulting from a foreign exchange transaction with another bank’s treasury department

pacs.008 - Payments resulting from a foreign exchange transaction with another bank’s treasury department

Important reminder on Mexican Central Bank BIC code usage:

To ensure full Straight-Through Processing (STP) and avoid payment delays, clients are requested to review the standing settlement instructions provided by their clients and counterparties and verify that the correct intermediary bank BIC is reflected in all MXN payment templates.

Banco de México (Banxico) BIC BDEMMXMM must only be populated as the Intermediary Financial Institution (IntrmyAgt1/FinInstnId/BICFI) in MX pacs.008 or MX pacs.009 instructions when Banco de México is genuinely acting as the intermediary agent for the payment. This is only the case where the beneficiary account is held directly on the books of Banco de México.

The use of BDEMMXMM as intermediary agent in any other scenario is incorrect and may result in:

• Payment processing failures;
• Manual repair by the correspondent bank;
• Significant processing delays; and/or
• Rejection by the local payment system, SPEI.

Clients must therefore ensure that the BIC of the actual intermediary bank is included in their payment instructions whenever applicable.

Important note on SPEI payments

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 Banco de México's BIC (BDEMMXMM) in pacs.008 or pacs.009 instructions unless Banco de México is effectively acting as the intermediary financial institution and the beneficiary account is held directly on its books.

All cash payment instructions that do not contain the minimum information structured accordingly, or that incorrectly use BDEMMXMM as intermediary agent, may result in the inability of Clearstream's cash correspondent bank to process the payment on time, manual intervention, or rejection by local financial institutions or SPEI, without 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.