What is SPEI?

SPEI (Sistema de Pagos Electrónicos Interbancarios) is an instant payment platform created and operated by the Banco de México that enables real-time transfers in Mexican pesos 24/7 with minimal or no fees for most users. Launched in 2004, SPEI has evolved from primarily handling large-value corporate transactions to becoming Mexico's dominant electronic payment method for all transaction sizes.

SPEI handles diverse payment scenarios across the Mexican economy:

• Person-to-person transfers between individuals
• Consumer purchases at retail stores and e-commerce sites
• Business-to-business supplier and vendor payments
• Government tax payments and benefit disbursements
• Bill payments for utilities, subscriptions, and services
• Payroll distribution to employees and contractor payments
• Real estate transactions including rent and property purchases

In 2024, SPEI processed 5.34 billion transactions totaling 219 trillion Mexican pesos, equivalent to 6.51 times Mexico's gross domestic product. The system includes 84 direct participants, such as banks, electronic payment fund institutions, credit unions, and savings cooperatives. The percentage of Mexicans using electronic transfers for payments increased from 8.2% in 2021 to 23.7% in 2024, according to Mexico's National Survey on Financial Inclusion.

How SPEI payments work

A SPEI payment begins when the sender initiates a transfer through their bank's online platform, mobile banking app, branch, or ATM. The sender identifies the recipient using their CLABE number, a standardized 18-digit bank account identifier unique to each account in Mexico.

The CLABE (Clave Bancaria Estandarizada) structure contains three components: the bank code, branch code, and account number. This standardization reduces the risk of misdirected payments and ensures funds reach the intended recipient.

The sender enters the recipient's CLABE, amount, and optional payment reference. Some implementations allow identification through mobile phone numbers linked to bank accounts, simplifying the process for person-to-person transfers.

All transactions route through Banco de México's centralized infrastructure, which validates the transfer details, checks for anti-money laundering and know-your-customer requirements, encrypts the transmission, and processes the payment. SPEI uses a real-time gross settlement (RTGS) system, meaning transactions are processed individually rather than in batches. As a result, SPEI transactions are irreversible once completed.

Settlement occurs in real time, typically within 1-5 seconds, putting Mexico on par with the most advanced payment systems in the world such as SEPA Instant in Europe or Faster Payments in the United Kingdom. Both parties receive instant confirmation. Banco de México issues an Electronic Payment Receipt (CEP) for each transaction within 30 minutes, providing an official document that backs up the payment for accounting and dispute resolution purposes.

SPEI processing times and costs

SPEI delivers instant settlement with minimal or zero cost for most users.

Processing times:

• Settlement: Typically 1-5 seconds after approval
• Maximum processing time: 30 seconds per regulatory requirements
• Availability: 24/7/365 including weekends and holidays
• Confirmation: Immediate notification to both sender and recipient
• Electronic Payment Receipt: Generated within 30 minutes
• No batch windows, cut-off times, or business day restrictions

Transaction costs:

• Individuals: Free or minimal fees for most domestic transfers
• Businesses: Minimal fees, significantly lower than traditional wire transfers or card payments
• Average business cost: Substantially less than credit card processing fees of 2-3%
• No joining fees for basic service
• International transfers: Higher fees depending on currency and recipient bank, but cheaper than SWIFT or card networks

The cost advantage stems from eliminating intermediaries and leveraging Banco de México's centralized infrastructure. Businesses receive funds instantly without the typical 1-2 day settlement delay of card payments, improving cash flow management and reducing the capital tied up in pre-funding accounts.

SPEI security and compliance

SPEI implements multiple security layers to protect transactions and user data.

All SPEI operations require authentication through the user's bank platform, typically combining passwords, PINs, tokens, or biometric verification. Users cannot complete transactions without proving identity through their bank's security protocols.

Transactions route through Banco de México's centralized infrastructure with end-to-end encryption protecting sensitive information. The central bank operates a private, protected network isolated from general internet traffic, preventing external access and unauthorized interception.

SPEI uses advanced cryptographic features including digital signature generation, encryption protocols, and authentication processes for communications with financial institutions. In 2024, Banco de México strengthened these cryptographic features with enhanced credential exchanges and increased cryptographic key sizes to address potential risks from advancing computing power.

Real-time fraud detection monitors unusual patterns including transaction spikes, abnormal hours, or suspicious recipients. Each participating bank runs additional fraud analysis layered on top of the national monitoring. SPEI incorporates multi-factor authentication protocols ensuring only authorized users can initiate transactions, and suspicious activity can be blocked before funds move.

All SPEI transactions are fully traceable through the Electronic Payment Receipt (CEP) system. Each CEP includes a series number for a security certificate, the originating chain of events, and a digital seal that validates authenticity. 

This traceability enables identification of accounts involved in fraud or criminal activity and provides legal proof of payment for accounting and dispute resolution. The system complies with Mexico's anti-money laundering and know-your-customer regulations, ensuring transparent data handling under strict financial secrecy laws.

SPEI vs traditional payment methods

SPEI competes directly with cards, cash, and traditional transfers in Mexico's payment landscape.

SPEI vs credit/debit cards 

Cards require merchant processing fees of 2-3% plus interchange costs and additional equipment investments. SPEI charges substantially lower fees, significantly reducing acceptance costs for merchants. Cards offer chargeback protection but create revenue uncertainty and fraud risk. SPEI provides instant, irrevocable settlement - once confirmed, the transaction cannot be reversed, providing certainty to merchants. Many Mexican consumers remain hesitant to share card details online due to security concerns. SPEI enables direct bank transfers without exposing card information, addressing these trust issues in e-commerce.

SPEI vs traditional bank transfers 

Legacy transfer methods in Mexico operated only during business hours and took hours or days to settle. SPEI completes in seconds with 24/7 availability year-round. Traditional methods often charged significant fees. SPEI offers free or minimal cost for most users.

SPEI vs cash

Mexico has historically been a cash-heavy economy, with nearly half the population lacking bank accounts. SPEI is driving financial inclusion by providing accessible digital payment infrastructure. For merchants, cash creates security risks, logistical challenges, and reconciliation complexity. SPEI eliminates these issues while providing instant confirmation and official documentation. The percentage of Mexicans using electronic transfers increased from 8.2% in 2021 to 23.7% in 2024, demonstrating rapid adoption as digital payment trust builds.

SPEI vs international wires (SWIFT)

International payments through SWIFT typically take 1-3 days and carry fees ranging from $25-50 plus unfavorable exchange rates. Cross-border SPEI integration offers instant settlement with significantly reduced fees, making it increasingly popular for remittances. In 2023, the remittance segment saw over $61 billion processed, with more than 99% of operations settled via SPEI.

CoDi and DiMo: Building on SPEI infrastructure

Banco de México has launched two innovations built on SPEI's infrastructure to enhance accessibility and expand use cases.

CoDi (Cobro Digital) 

CoDi launched in 2019, enabling instant payments through QR codes, near-field communication (NFC), and internet messaging. Users create QR codes containing payment details and share them through messaging applications or the CoDi app. Merchants display static or dynamic QR codes at checkout. In 2024, CoDi processed over 17 million transactions, growing 23% year-over-year, and more than 11% of validated accounts used it at least once to make a payment. Despite these features, CoDi has not met initial adoption goals compared to similar systems in other countries.

DiMo (Dinero Móvil) 

DiMo launched in 2023, simplifying instant bank transfers through SPEI using just a phone number. Rather than requiring CLABE numbers, DiMo allows users to link phone numbers to bank accounts for easier identification. By May 2024, DiMo had more than 7 million registered accounts. DiMo's long-term success depends on the number of participating entities, user experience quality, and keeping person-to-person transaction fees low or nonexistent.

Both systems maintain SPEI's core advantages: instant settlement, strong security protocols, and official transaction documentation. They represent Banco de México's strategy to make digital payments more accessible to populations unfamiliar with traditional banking interfaces.

Common SPEI use cases

SPEI's instant settlement and widespread accessibility enable diverse payment scenarios. Here's how individuals and businesses use the platform:

• E-commerce transactions: Online shoppers complete purchases through SPEI by entering their bank credentials and authorizing the transfer directly. The instant confirmation eliminates waiting for payment clearing. Merchants receive funds immediately rather than waiting 1-2 days for card settlement. SPEI addresses consumer concerns about sharing card details online by enabling direct bank transfers. In 2024, Mexico's e-commerce sector reached 789.7 billion pesos ($43.1 billion USD), growing 20% year-over-year, with SPEI playing a significant role in this expansion.
• Retail payments: Physical stores accept SPEI through QR codes (CoDi) or direct transfers at checkout. The minimal merchant fees compared to card acceptance make SPEI attractive for businesses operating on tight margins. Small vendors and informal businesses can accept digital payments without investing in card terminals.
• Bill payments and recurring transactions: Utilities, subscription services, and recurring bills use SPEI for collection. Consumers receive payment requests through their banking apps and authorize with one action. Service providers enable automatic debits from client accounts via SPEI, streamlining recurring payment management. The instant settlement eliminates late payment issues and improves cash flow predictability.
• Business operations: Companies pay suppliers, contractors, and gig workers instantly through SPEI. The 24/7 availability means payments process outside traditional banking hours, supporting flexible business operations. Businesses benefit from improved cash flow management with immediate fund access. SPEI supports integration with corporate systems through APIs, allowing companies to automate mass payouts and process incoming funds in real time.
• Payroll distribution: Employers distribute salaries and wages instantly via SPEI. For gig workers and freelancers, SPEI guarantees receiving payment directly to an account without intermediaries and payment processor fees. Data on receipts can be used as proof of income for tax authorities or banks when applying for loans.
• Real estate transactions: SPEI enables rent payments, security deposits, and property purchase transfers to be recorded officially and without risk. For realtors and agencies, SPEI provides a transaction control tool since every payment is confirmed by Banco de México and legally protected.
• Cross-border payments and remittances: SPEI increasingly serves as infrastructure for international payments into Mexico. Integration with global payment platforms enables instant settlement for remittances from the United States and other countries. In 2023, over $61 billion in remittances was processed, with more than 99% settling via SPEI. This represents a significant improvement over traditional remittance methods that charged 6% or more in fees with multi-day settlement times. If you're looking to send money from the US to Mexico, learn more about how to send money to Mexico from the US using modern payment infrastructure.

SPEI's impact on Mexico's financial landscape

SPEI has fundamentally reshaped Mexico's payment ecosystem. The system's evolution demonstrates the power of central bank-operated payment infrastructure to drive financial inclusion and modernization.

Transaction volume growth illustrates SPEI's accelerating adoption. In 2024, SPEI processed 5.34 billion operations - a 39% increase over 2023 and seven times the volume recorded in 2019. The total value exceeded 219 trillion pesos, equivalent to 6.51 times Mexico's GDP. In 2010, the average SPEI transfer was close to 1.8 million pesos, reflecting its original focus on large corporate payments. By 2024, over 327 million transactions were below the 50 peso threshold, demonstrating widespread retail adoption.