Introduction to SPEI and its Rapid Growth
The rapid adoption of the Sistema de Pagos Electrónicos Interbancarios (SPEI) has placed significant pressure on the technological and operational infrastructure of banks, fintechs, and other financial institutions. According to Daniel Mendieta, the CEO of Conecta, a firm specializing in payments, this growth is the result of two decades of continuous evolution.
“The acceleration theme has existed for almost two decades, since the system was launched. On average, annual growth has been massive, over 50%, nearly 60% annually, and it has grown significantly with technological adoption,” Mendieta explained.
Impact of the Pandemic on Digital Payments
The shift towards digital payments gained momentum during the pandemic, as contactless transfers became essential for purchases and service payments. Mendieta noted that the pandemic accelerated the adoption of contactless payments, whether through cards or transfers.
“The pandemic definitely accelerated the adoption of contactless payments. Whether it’s through cards or transfers, the latter significantly helped during the pandemic to pay for food or services without exchanging cash and coins. There was already growth from users, but also from institutions,” Mendieta added.
Growth Statistics of SPEI
In 2023, SPEI processed 3,823 million operations, representing a 37% annual growth compared to 2022. By 2024, the volume reached 5,342 million transactions, more than six times its size in just five years. In terms of value, the system moved over 579 billion pesos that year.
Although specific data is unavailable, Conecta estimates that daily digital payment volume in the country could reach 50 billion by 2026.
Challenges to Overcome
Facing this growth rate, the main challenges revolve around four key areas:
- Scalability: Addressing limitations in processing mass payments and large-scale fund disbursement (such as those from programs like the well-being pension).
- Security and Compliance: Strengthening anti-fraud mechanisms and ensuring adherence to regulatory standards.
- Continuous Availability: Maintaining system operation 24/7 without interruptions, even during peak demand periods.
- Operational Optimization: Reducing accreditation and reconciliation times to enhance the end-user experience.
To tackle these SPEI growth challenges, Mendieta emphasized the need for technology solutions capable of processing large transaction volumes without performance loss, featuring flexible integration via application programming interfaces (APIs) that enable direct connections between financial systems.
He also suggested that system security should evolve towards models with greater traceability and visibility, supported by technologies like tokenization, converting money value into secure digital units.
