Financial institutions begin micro-pilots to operate Banxico CoDi payment system

CoDi will be available to the public at the end of September. The requirements will be: have a bank account and use mobile banking.
CoDi will be available to the public at the end of September. The requirements will be: have a bank account and use mobile banking.

There are six financial institutions that have started the processes to use the Cobro Digital System (CoDi) of the Bank of Mexico (Banxico), of which only two are already in the process of making movements in real time, said director of systems of payment of the central bank, Miguel Díaz.

There are four banks and two others are regulated financial institutions. Of these, on Monday, two began the micro-pilots, because the operations are only being carried out among their employees.

"To be able to operate from the perspective of final clients, a few months must still pass in which the elements are adjusted and it is determined if there are areas of opportunity within the operation of the system."

With the CoDi payment system, Banxico aims to reach people who do not have a bank account, but a mobile phone with which they can scan a QR code and process payments through the different commercial banks and financial entities.

At least 30 million Mexicans will be able to access products with higher added value such as loans, insurance or investments. After performing the first trial period, the second, which is larger, will begin in the next two or three months.

The messages to request or receive payment are small, so the use of mobile data is very similar to a normal messaging scheme. The preliminary scheme of CoDi is planned from April to September, so even though the tests are extended, Díaz does not consider that the date set by Banxico will be affected.

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Banxico presents CoDi, the new mobile payments platform

The governor of the Bank of Mexico (Banxico), Alejandro Díaz de León, presented-officially-CoDi, the new platform for payments and transactions of money through cell phones.

During the inauguration of the 82nd Banking Convention, which takes place in Acapulco, Guerrero, the official indicated that the arrival of the Digital Collection, baptized as CoDi, will allow the banking and incorporation of new potential customers of financial services.

He pointed out that the new platform will limit illicit activities such as money laundering, tax evasion and acts of corruption, through the reduction of the use of cash.

In addition to facilitating the dispersion or delivery of social and economic support instrumented by the government of Andrés Manuel López Obrador; such as scholarships for young people or pensions for the elderly.

In his speech, the governor of Banxico pointed out that the project is proceeding according to schedule; and announced that already six banking institutions are conducting technical tests for the definitive operation of CoDi.

He pointed out that the operation tests -where institutions like Banamex, Bancomer, Banorte, and Santander participate- will be extended during the following five months.

This, so that the last day of September, the operation of CoDi, is mandatory for all banks; through more than three thousand accounts that would operate at the beginning of this platform.

"If we consider that the number of people with smartphones, which is twice the number of people who have a bank account, it is very clear that CoDi can have a great impact and incorporate a universe of potential customers into the financial sector".

In addition, he said, the system will have a positive effect for banks: it will streamline payments, reduce costs and maximize the security of its operations; while the user will be able to familiarize himself with the financial system.

How CoDi works

Use QR codes to make electronic transfers through smartphones every day of the year and at any time, from a bank account.

QR codes will be linked to the user's bank account; will be generated through the mobile application (app) of each bank; they will be authenticated by the Bank of Mexico and will allow the transfer of money without the need for users to have access to codes or account numbers.

It constitutes a platform that functions as an extension of the Interbank Electronic Payment System (SPEI), which is the most important transaction mechanism in the country.

Allows direct transactions from phone to phone; without having to go through any intermediary; with the only condition of having a bank account and being a user of mobile banking.

The system will work through any bank account, regardless of the bank; through a standard platform that will be available to merchants, small shops, service providers and people in general.

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