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US–Mexico corridor glossary
Ten terms every finance team operating US→Mexico payments runs into — each definition is self-contained and quotable.
CFDI (Comprobante Fiscal Digital por Internet)
Mexico's mandatory digital tax invoice, issued as XML, stamped by an authorized certification provider (PAC) and registered with the SAT. The current version is CFDI 4.0. Without a valid CFDI, an expense isn't deductible and income isn't properly declared.
Related: Corridor guide
Complemento de recepción de pagos (payment-receipt complement)
A tax document supplementing a CFDI when payment arrives after the invoice is issued (deferred/installment method, PPD). Issued by the payment recipient, it links each collection to the original invoice before the SAT.
Related: Corridor guide
SPEI (Sistema de Pagos Electrónicos Interbancarios)
Banco de México's transfer system. It settles in seconds, runs 24/7/365, and processed more than 7.3 billion transfers in 2025 per Banxico. It is the standard last mile for any payment ending in Mexican pesos.
Related: USDC→SPEI
CLABE
Mexico's standardized 18-digit bank account key used to receive transfers, including SPEI payouts. It encodes bank, branch region, and account number, ending in a check digit.
Related: USDC→SPEI
Clave de rastreo / CEP
The unique identifier of every SPEI transfer. With it, any party can generate the Electronic Payment Receipt (CEP) on Banxico's site and verify the transfer's amount, date, time, and accounts — bank-independent evidence.
Related: USDC→SPEI
PAC (Proveedor Autorizado de Certificación)
A company authorized by the SAT to validate and stamp CFDIs. Every valid CFDI passes through a PAC before it exists fiscally; the stamp includes a fiscal folio (UUID) and the SAT's seal.
Related: Corridor guide
Interbank (mid-market) exchange rate
The rate at which wholesale buy and sell orders cross — the one Google or Bloomberg display. It's the neutral reference for measuring FX markup: the gap between this rate and the one you're given is conversion's hidden cost.
Related: True cost of a wire
Correspondent / intermediary bank
A bank linking the sender and receiver of an international payment when they hold no direct relationship. Each correspondent in the chain may deduct $15–$30 from the amount in transit, without prior notice to the originator.
Related: True cost of a wire
USDC
A dollar stablecoin issued by Circle, backed by reserves and redeemable 1:1. It was the world's most-used stablecoin by flow in 2025, with $18.3 trillion in transactions per Artemis Analytics. It transfers in minutes, any day, with a public record of every transaction.
Related: USDC→SPEI · Payment control plane
Travel rule
A FATF standard requiring originator and beneficiary data to travel with transfers, including virtual-asset transfers. Mexico incorporates it via the LFPIORPI and CNBV provisions; regulated providers apply it in institutional flows.
Related: USDC→SPEI · Payment control plane
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Page updated 2026-07-19.