Which system was introduced by the Central Bank of Mexico for USD payments?

The system introduced by the Central Bank of Mexico for USD payments is known as SPID. This system was designed to facilitate efficient and secure processing of US dollar payments within Mexico. SPID serves as an essential tool for banks and financial institutions in the country, enabling them to handle cross-border transactions effectively while incorporating necessary regulatory compliance and risk management practices.

Understanding SPID's role is crucial, as it highlights Mexico's integration into the global payment landscape, particularly for transactions involving US dollars, which are widely used in international trade and finance. This also emphasizes the importance of local systems in supporting international payments while relying on a domestic framework.

In contrast, the other systems mentioned (Fedwire, CHIPS, and EURO1) serve different functions or are operated in different jurisdictions. Fedwire is a payment system for US dollar transactions managed by the Federal Reserve. CHIPS is another network that processes large-value US dollar payments but is primarily operated in the United States. EURO1 is a euro payment system used for euro-denominated transactions in Europe. Therefore, SPID's specific introduction in Mexico for facilitating USD payments illustrates its significance in the region's banking and financial operations.