It’s fascinating to see Mexico push their CoDi payment standard so much https://www.codi.org.mx though I don’t understand why they complicate what is ultimately just a simple SPEI barcode equivalent to the EPC-QRhttps://www.europeanpaymentscouncil.eu/document-library/guidance-documents/quick-response-code-guidelines-enable-data-capture-initiation …
This CBPN article gives the clearest English-language description of how Mexico’s CoDi/SPEI transactions work https://cbpaymentsnews.com/assets/CBPN_Volume1/CBPN-December-2018-Vol1_4_Web.pdf …pic.twitter.com/14W1cErbnw
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What’s interesting about CoDi/SPEI is that they still split the messaging and settlement layer of the transfer, which shouldn’t be necessary if SPEI was just fast enough and banks trigger deposit notificationspic.twitter.com/KK5KLkaQeg
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It’s crazy though that Mexico currently requires this instant bank transfer service to be free (because of the positive externalities for society) yet they are considering charging for small amounts (exactly where you compete with cash)pic.twitter.com/E1LNYQr5tl
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. Been dealing with this in recent months. Not fun. I wish regulators are not so prescriptive about what they expect. -
A lot of the CoDi/SPEI approach seems fine, though it’s sad they still need to split the messaging and settlement layer. I assume that’s the case because the former is sub-second and the latter only has a 10s SLA?
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