In recent years, instant payments have revolutionized the global financial landscape, and Mexico is no exception to this trend. The Sistema de Pagos Electrónicos Interbancarios (SPEI), developed by the Banco de México, processed over 3.8 million transactions in 2023, amounting to approximately $25.7 billion (PCMI). This system has played a crucial role in modernizing payments within the country, offering immediate settlement and reduced costs to millions of users and businesses. It has assumed a central role, not only in the domestic market but also as a key component in transforming cross-border transactions.
In this article, you will understand how SPEI has become essential for companies operating in the country, exploring its impacts, regulatory advancements, and practical benefits in international transactions.
What is SPEI?
SPEI is an electronic transfer system that allows individuals and businesses to make real-time payments and transfers, 24 hours a day, every day of the year. Launched in 2004 by the Banco de México, it aims to reduce the use of physical cash, democratize access to efficient payment methods, and keep pace with the modernization of global financial systems.
Beyond facilitating domestic transactions, this payment method has established itself as a foundation for integration with international payment systems, serving as a bridge for remittances, cross-border e-commerce, and corporate payments with immediate settlement. It has also spurred the emergence of new instant financial transfer initiatives within the country.
Impact of SPEI on international transactions
Traditionally, sending money to Mexico involved complicated and time-consuming processes, such as SWIFT transfers, which come with high costs and extended settlement periods, or the use of credit cards, which are subject to high fees and unfavorable exchange rates.
Integration with SPEI offers an efficient alternative, enabling payments within seconds, with reduced fees and full traceability, directly from the issuing bank to the destination account in Mexico.
The main advantages include:
- Speed: Almost instantaneous processing, accelerating financial flows;
- Cost-effectiveness: Significant reduction in fees by eliminating intermediaries;
- Local regulatory compliance: Utilizing the infrastructure of the Banco de México;
- Expanded access: Widely accepted by consumers and businesses;
For instance, in 2023, the remittance segment saw over $61 billion processed, with more than 99% of operations settled via SPEI, consolidating the system as the dominant channel for capital inflows into Mexico.
Impact of new regulations on digital payments
The Banco de México has been promoting the modernization of the financial system through new regulations that encourage security, innovation, and digital inclusion. In 2024, rules were implemented to strengthen the integration of SPEI with fintech companies and expand its reach to non-banking businesses.
The key changes include:
- Expansion of participant scope: Allowing financial technology companies to operate directly within SPEI, increasing competition and innovation in the sector;
- Enhanced security and anti-fraud protocols: Implementing multi-factor authentication and full transaction traceability to prevent fraud and ensure system integrity;
- Encouragement of international integration: Facilitating connections with global payment APIs and real-time currency exchange services, promoting interoperability between international payment systems;
These changes make Mexico even more attractive for companies looking to expand in Latin America, streamlining transactions and meeting the growing demand for instant digital payments.
Expanding business opportunities in Mexico
The evolution of SPEI represents a significant opportunity for companies involved in payments and international transactions, standing out as one of the most promising payment methods in Latin America. Despite challenges such as a population with a high reliance on physical cash and low banking penetration, over 60% of Mexicans already use SPEI,according to Forbes Mexico.
With increasing financial digitization, integrating SPEI with global platforms has become more accessible, creating an efficient ecosystem for international transactions. FacilitaPay enables this integration securely and efficiently through a unique and customizable API, connecting international companies to the Mexican market without relying on intermediary banks and in full compliance with local regulations.
Contact our specialists and position your company at the forefront of the digital transformation in the Latin American financial sector.
