Recently, we implemented a US Company with operations in Mexico. The company in Mexico has a full accounting department including accounts payable and accounts receivable. Although most disbursements are completed via automatic clearinghouse (ACH) processes in Mexico, a significant portion of payments are still made via hard disbursement checks.
There are four clearing systems in Mexico that relate to cash and treasury management.
1. The high value system (Sistema de Pagos Electronicos de Uso Ampliado or SPEUA) is an inter bank Real Time Net Settlement (RTNS) system for amounts greater than MXP 50,000 owned and administered by the Banco de Mexico.
2. The check clearing system (Centro de Computo Bancario or CECOBAN) is a traditional check clearing house owned and operated by all Mexican banks. It is a net settlement system which passes value Associations on a next day basis through the SIAC to the bank's Peso account at Banco de Mexico.)
3. There is a local U.S. dollar check clearing system operated by CECOBAN with settlement through accounts with Bank of America.
4. The Pago Interbancario is a private clearing system similar to an ACH where member banks settle mutual obligations on a next day basis. It is Bancomer, Citibank, normally utilized for amounts less than MXP 50,000.
Finally, be aware that any change in check stock must be vetted and sourced through the company’s financial bank.