Directo a México is an account-to-account service used to transfer money from a participating financial institution account in the US to an account at any bank in Mexico.

This channel is ideal for reoccurring payments that can be programmed. Possible users of this channel are:

• U.S. financial institutions that already process direct deposit and send payments to Mexico.
• Consumers and businesses in the United States that need to send payments to Mexico through a low-cost, fast, and secure channel.
• U.S. financial institutions that are looking to expand their customer base to include individuals who have moved from Mexico to their community.
• Government, loan, pension, life insurance policies and other payments.

Information for U.S. financial institutions interested in enrolling in Directo a México is below:

Why should your financial institution enroll in Directo a México?
How it works
Recommendations for your customer for sending a payment successfully
How to get started
Enrollment contacts
Directory of Mexican banks able to receive Directo a México transfers
Additional information

Why should your financial institution enroll in Directo a México?

• Become part of the growing US-to-Mexico remittance market. (In 2006 alone, more than 60 million money transfers valued at $23 billion USD were processed)
  
• Offer financial services to the growing Mexican community in the U.S.
  
• The FI offering Directo a México determines the maximum transfer amount in accordance with its own compliance policies.
  

Low cost

• US financial institutions pay a per-item surcharge of 67 cents.
• US financial institutions determine their own fees to their customers.

Ease of operation

• Directo a México uses the ACH network and follows NACHA rules.

Access to all pesos accounts in the Mexican banking system.

Directo a México operates through SPEI (Interbank Electronic Payments System), which is the backbone of the Mexican payments system:

• SPEI is a real-time settlement system that was developed, administered and regulated by Banco de México, the Central Bank of Mexico, handling both high and low-value payments.
• Upon receipt of the payment amount, the receiving bank in Mexico is required to deposit the funds into the beneficiary’s account within ten minutes.
• The service complies with the most advanced international standards: “Core Principles for Systematically Important Payment Systems (BIS, 2001)”.

Direct electronic access to any bank account at any bank in Mexico:

• Banjercito, Banamex, BBVA Bancomer, Santander, HSBC, Bajio, Ixe, Inbursa, Interacciones, Mifel, Scotiabank, Banregio, Invex, Bansi, Afirme, Banorte, Amex, Bamsa, Azteca, Bansefi, Ve por más, AUTOFIN, etc.

Access to more than 40 million Mexican bank accounts.

Benefits for beneficiary in Mexico

Access to funds in the beneficiary’s account can be obtained through:

• An ATM (more than 38 thousand all over Mexico)
• Through purchases using your debit card at store point-of-sale terminals (more than 467 thousand in Mexico)
• Through a bank branch.
• Through any TELECOMM-TELÉGRAFOS branch (more than 1,580)

The sender in the US pays the transfer fee. Mexican banks do not impose deductions or fees to beneficiaries for payments received through Directo a México, neither do TELECOMM-TELÉGRAFOS branches.

• More pesos per dollar sent.
• The foreign exchange rate used is one of the most competitive rates in the market, regardless of the amount.
• The foreign exchange rate used is based on the wholesale rate (FIX) minus a spread of 0.21%.

Access to additional services:

Financial institutions have access to the BAR (Beneficiary Account Registration) website, which allows for pre-opening of Mexican accounts at participating L@Red de la Gente institutions.

As a way to assist in promoting Directo a México to the Mexican community, financial institutions are provided with a complimentary promotional tool kit containing the following items:

• Materials in Spanish directed at the needs of the consumer
• Colored posters
• Colored brochures
• Logos
• Text for a radio spot
• Foreign exchange information sheet
• Customer guide (Ideas aimed at helping financial institutions market the service)

How it works

The day that the originator makes a payment at a financial institution (USODFI) enrolled in Directo a México (USODFI) is considered Day “t”.

The USODFI gathers all payments that it has received on Day “t”, generates the ACH payment file and sends it to the Federal Reserve’s Automated Clearing House (FedACH) by 01:15 CT (Day “t+1”). FedACH then batches and sends the files to the Receiving Gateway Operator (RGO), Banco de México by 07:00 CT.

The RGO receives (07:30 CT) the payment files and validates and obtains the immediate and partial returns (returns that the RGO has determined to be invalid prior to the settlement process). By 10:00 CT, the RGO sends immediate returns to FedACH.

Banco de México publishes the wholesale operations exchange rate (FIX) at 12:30 CT. The RGO translates the ACH files into the domestic SPEI format and applies the FIX minus a spread of 0.21%.

The RGO batches the payments, either by Mexican Receiving Depository Financial Institutions (MRDFI) or TELECOMM-TELÉGRAFOS branch, and sends them out for delivery.

The MRDFIs post the received payments to the beneficiaries’ accounts, returning items that cannot be processed within 10 minutes of receipt.

The RGO (17:00 CT) receives all returns, and on the following banking day (Day “t+2”), after the FIX is published (12:30 CT), the RGO translates the return files into the US ACH format (NACHA) and sends them to FedACH.

USODFI: United States Originating Depository Financial Institution
FedACH: Federal Reserve Automated Clearing House
OGO: Originating Gateway Operator (Federal Reserve Banks)
RGO: Receiving Gateway Operator (Banco de México)
MRDFI: Mexican Receiving Depository Financial Institution

Tips for successfully sending a payment to Mexico

Ensure that your customer has the name of the beneficiary’s bank.

Verify that the CLABE belonging to the beneficiary in Mexico is 18 digits in length. This number can be found on the customer’s monthly statement. What is the CLABE?

• Hint: The beneficiary’s bank ABM number is the same as the first three digits of the CLABE.

The customer may also use his/her debit card number (16 digits). Given that this number changes when the card expires or is lost, using the CLABE is highly recommended.

If you or your customer contacts the beneficiary’s Mexican bank directly, you should mention that you need the CLABE to send a SPEI transfer.

Confirm with your customer that the beneficiary’s account in Mexico is an active pesos account.

The beneficiary’s name must be included in the payment instruction.

How to get started

Learn more about how to enroll in Directo a México by reading the:
“Guide to a Successful FedACH International® Launch” ,
which can be found at:
http://www.frbservices.org/files/servicesetup/fedach/pdf/FedACH-IntGuideSuccessLaunch.pdf

Research the operational specifications necessary to participate in Directo a México by reading the Fed Global ACH Payments Service Origination Manual Manual located at:
http://www.frbservices.org/files/serviceofferings/pdf/fedach_global_service_orig_manual.pdf

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