Introduction to Banxico and SPEI
The Bank of Mexico (Banxico) has recently implemented several actions to bolster the cybersecurity of the Sistema de Pagos Electrónicos Interbancarios (SPEI). This move comes as a response to the increasing computational power available in the market, which could pose risks. These new measures are added to existing regulations introduced by Banxico in 2024.
Key System Updates
According to Banxico’s annual report on financial market infrastructures for 2024, significant updates were made to various systems, including the SPEI and the Sistema de Atención a Cuentas (SIAC). The latter is responsible for facilitating liquidity provision to different financial market infrastructures, including the SPEI.
Modernizing Security Mechanisms
Adjustments were also made to functionalities like Cobro Digital (CoDi). The aim of these changes was to modernize the security mechanisms used for communication with participants in these systems.
Enhanced Authentication
The updates included strengthening the authentication mechanism in connections with participants, i.e., financial institutions, by incorporating cryptographic functions in the exchange of credentials.
Cryptographically Reinforced Algorithms
Banxico implemented cryptographically reinforced algorithms for digital signature generation and information encryption. Additionally, the size of cryptographic keys was increased to ensure greater security without compromising operational process performance.
Previous Cybersecurity Actions
These improvements complement other significant actions taken previously, such as the modifications to the cybersecurity frameworks of SPEI and the Sistema de Pagos Interbancarios en Dólares (SPID) proposed in 2023 and enforced the following year.
Clearer Regulatory Compliance
These adjustments aimed to provide greater clarity on the technological infrastructure elements subject to regulatory compliance and updated mandatory requirements that participants must observe in terms of computer security.
Cyber Resilience Exercise
Banxico participated in a cyber resilience exercise alongside national authorities, international organizations, and financial institutions to assess the response capacity against potential incidents that could affect the Mexican financial system.
SPEI Adoption and Usage
In 2024, the SPEI facilitated 5,337 million transactions for end-users, totaling 219 trillion pesos—approximately 6.51 times the Gross Domestic Product (GDP), as per Banxico’s recent report.
SPEI Participants
Currently, the SPEI has 84 direct participants, including banks, Electronic Fund Transfer Institutions, Financial Savings Companies, savings banks, and others.
Electronic Transfer Usage
According to the National Financial Inclusion Survey 2024, 23.7% of the population uses electronic transfers as a payment method—an increase of 15.5 percentage points compared to 2021, when only 8.2% of individuals reported using this payment method.
Promotion of Digital Payment Methods
Banxico also promoted the adoption of CoDi and Dinero Móvil (DiMo) through targeted communication campaigns segmented by generational groups in 2024.
Key Questions and Answers
- What is Banxico? The Bank of Mexico (Banxico) is the central bank of Mexico, responsible for implementing monetary policy, managing foreign reserves, and supervising financial institutions.
- What is SPEI? The Sistema de Pagos Electrónicos Interbancarios (SPEI) is an electronic payment system in Mexico that facilitates large-value transactions between banks and other financial institutions.
- Why did Banxico implement new cybersecurity measures for SPEI? To maintain protection levels against increasing computational power and potential risks in the market.
- What updates were made to SPEI and SIAC systems? Modifications included modernizing security mechanisms, enhancing authentication, and implementing cryptographically reinforced algorithms for digital signatures and information encryption.
- What was the significance of the 2024 SPEI transactions? In 2024, SPEI facilitated 5,337 million transactions worth 219 trillion pesos, equivalent to approximately 6.51 times the GDP.
- What percentage of the population uses electronic transfers as a payment method? According to the 2024 National Financial Inclusion Survey, 23.7% of the population uses electronic transfers as a payment method.
