What is STP and Why Does It Appear During Transfers?
If you’ve ever made a transfer to a CLABE account of a company, financial institution, betting house, or even another person, you’ve likely noticed the name STP appearing during the transaction. The acronym STP stands for “System of Transfers and Payments,” a financial institution authorized and supervised by the Mexican National Banking and Securities Commission (CNBV) and the Bank of Mexico (Banxico).
Operating as an Electronic Funds Transfer Institution (IFPE) under the Fintech Law, STP can directly participate in the Sistema de Pagos Electrónicos Interbancarios (SPEI), which has been functioning for over 20 years.
STP vs. Other Options
While STP is the most recognized and one of the largest players, it’s not the only option in the market. You may have noticed alternatives like ARCUS, an IFPE of Mastercard also directly connected to the SPEI, or newer entrants like NVIO, another IFPE and a subsidiary of the cryptocurrency platform Bitso.
According to Banco de México, regulated financial institutions can participate in the SPEI either directly or indirectly. Direct participants can, in turn, provide access to other institutions through indirect participation, as is the case with the fintech companies mentioned.
STP’s Relevance and Growth
Jorge Malanco, STP’s Marketing Director, explains that the IFPE’s presence in the transfer system is due to serving a large number of businesses across 17 different sectors.
Malanco attributes the growth and adoption of SPEI primarily to digitalization and the high security it offers.
Security in the SPEI System
Malanco emphasizes the importance of users taking precautions when making electronic transfers. He recommends verifying all transfer details to ensure funds are sent to a legitimate account and that received data is accurate.
“The Electronic Payment Proof (CEP) is a document issued by Banco de México; it’s not issued by the financial institution. You can generate it directly on Banco de México’s platform or website to confirm if the resources transfer is to a legitimate account,” he explained.
To check and obtain your CEP for a SPEI transfer, visit Banxico’s official site at www.banxico.org.mx/cep and fill in the transaction details: date, exact amount, issuing and receiving banks, origin and destination CLABE or account numbers, and tracking number (available in your banking app or initial receipt).
Common Mistakes
It’s essential to know that the SPEI doesn’t allow automatic refunds in case of an incorrect transfer. Therefore, meticulously reviewing each detail before confirming a send is crucial.
However, Malanco highlighted that the likelihood of error in a transfer is less than 1%. If you incorrectly enter an account number, the operation will most likely be automatically rejected.
