Introduction to Clearings - Additional Functionality

This module handles the interfaces between Temenos Transact and the Mexican payment gateways Interbanking Electronic Payment System (SPEI), DOMI and Electronic Funds Transfers (TEF). A mandatory waiting period of 30 minutes between the creation of a beneficiary and sending an SPEI payment is enforced. Mexico provides the ability to identify a beneficiary by supplying a CLABE, mobile phone number, debit card number or a loan number on a payment or standing order. Daily limits of payments to a beneficiary are checked.

Click here to understand the terms and abbreviations used in this module.

Beneficiary Details

As per the regulatory requirements in Mexico, for initiating an Interbanking Electronic Payment System (SPEI) or Electronic Funds Transfers (TEF) payment request, the customer is required to add beneficiary details in the system.

To create a new beneficiary, customers can use CLABE, debit card number, mobile number, mortgage number, auto loan number, personal loan, or internal account of the beneficiary, based on these specific fields of beneficiary record will be validated.

The beneficiary alternate key related to the beneficiary account type is validated in the beneficiary creation. Additionally, the bank code entered is validated only if the beneficiary account type is CLABE.

Beneficiary Limit Validation

In order to cover a common requirement in Mexican banks, Temenos Transact allows the user to set a beneficiary limit along with its currency. This limit is validated during payment initiation against the transaction amount of current and future dated payment orders and standing orders where the beneficiary is used. If the transaction amount does not exceed the beneficiary limit, the payment is processed.

It is possible to set a limit for a beneficiary and its currency. When a current or future dated payment is made through payment order or standing order, the beneficiary limit is validated. If any payment amount is greater than the new beneficiary limit, an error message is displayed. If all the payment amounts are less than or equal to the new value, the beneficiary limit can be modified.

The BENEFICIARY.LIST.MX enquiry that includes the beneficiary limit and the limit currency is available to search records of beneficiaries.

This functionality provides the following benefits:

• Ability to set a beneficiary limit and its currency.
• Ability to validate the payment transaction amount against the beneficiary limit during the payment initiation of payment orders and standing orders.
• Ability to validate the beneficiary limit against to the existing payment transaction amount when the beneficiary limit is modified.

Payment Initiation Waiting Period for SPEI-TEF

Temenos Transact allows users to set thresholds for local currency transactions by channel, in order to check if a payment order product requires a beneficiary, and if it is necessary to check the elapsed time between the beneficiary creation and the payment initiation.

A parameter application is used to store parameter values for the payment order products, used channels, threshold amounts in local currency, and waiting periods. The Id of this application is a valid Company Id in Temenos Transact. A version to input, edit, view, authorise and reverse the records of the parameter application has been created to allow users to configure the details below:

• The channel of transaction origin.
• The channel of beneficiary creation.
• Two thresholds in local currency:
  • One to check if the existence of a beneficiary is required in a payment.
  • The other to validate if the elapsed time between the beneficiary creation and the payment initiation is equal to or greater than the delay time.
• A delay time (to be used for the second threshold).

The threshold for beneficiary is validated during payment initiation against the transaction amount of payment orders. If the transaction amount does not exceed the threshold for beneficiary, the payment can be processed without beneficiary, else a beneficiary is required.

The threshold for delay time is validated during payment initiation against the transaction amount of payment orders. Only if the transaction amount exceeds the threshold for delay, then this elapsed time between the beneficiary creation and payment initiation is checked. If this elapsed time is equal to or greater than the delay time, the payment is processed, else the payment is not processed.

The MXPYMT.PAYMENT.INITIATION.PARAMETER.ADMIN.INPUT enquiry has been created to allow users to search the records in the new parameter application.

This functionality provides the following benefits:

• Ability to set thresholds for beneficiary and delay time, based on payment orders products.
• Ability to validate the transaction amount against the threshold for beneficiary and the threshold for delay time during the payment initiation of payment orders.