What is SPEI 2.0 and why would it benefit financial inclusion?

The Bank of Mexico is developing its interbank electronic payment system, SPEI 2.0, which derives from the fact that the number of operations is expected to increase by 52 percent this year, after a 63 percent increase.

In the Bank of Mexico’s payment strategy document, it was expected that operations of less than 8,000 pesos, which represent 80 percent of the total, would grow by 80 and 50 percent, respectively, for 2021 as well as for 2022.

SPEI 2.0.

In this way, due to the accelerated growth of remittances, the Central Institute is working on the development of SPEI 2.0, in order to make it highly scalable and with technical mechanisms, as well as interoperability between payment systems.

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To achieve the implementation of SPEI 2.0, Banco de México evaluated various technologies in order to have a scalable architecture; In this way, it is possible to explore alternatives that allow Banxico, as an operator, to obtain better information for decision-making.

operating elements.

With respect to the operational elements of SPEI 2.0, enhanced traceability and risk analysis were sought.

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While the Bank of Mexico indicated, legally, that this updated version of its electronic payment system will have settlement services in pesos as well as other currencies.

Similarly, SPEI 2.0 will be delivered against payment in securities operations; Because he will maintain the same list.

In terms of oversight, the goal is to reduce “human error” by automating processes, analysis times, and evidence generation to protect users’ financial safety, as well as identify cybersecurity events.