MEXICO

Currency: Mexican peso (MXN)

RTGS: SPEI – Sistema de Pagos Electrónicos Interbancarios

Message format currently in use: SPEI format (domestic) + SWIFT MT (cross-border operations via CLS)

ISO migration planned? Timeline: No indication of migration to ISO20022 of the SPEI system. At the time of its launch Banco de Mexico evaluated the possibility of adopting other standards, such as ISO 15022, but bandwidth restrictions and message size caused our cost-benefit analysis to favour a proprietary protocol. Nowadays, the messages are still considered as very efficient by the central bank and it carry the necessary information to provide additional services. The possibility of developing translators between the SPEI protocol and the ISO20022 standard is also being considered. Pieces of information included in the ISO20022 messaging standard could then be incorporated into the protocol to enhance the capabilities and interoperability of the system.[1]

Governing body of the migration: Central Bank of Mexico

Mexico MXN ISO migration

[1]https://www.instapay.today/insight/qa-banco-de-mexicos-miguel-diaz-ip-mexico/