SIAC, account holders, Banco de México

Account Holders Service System (SIAC)

Type	Real-time gross settlement system
Owner and operator	Banco de México
Description	The SIAC is the system through which the central bank administers the accounts of Mexican financial agents. Although it is possible to make definitive transfers among participants´accounts for unlimited transfer amounts, the SIAC is not a payment system in the strictest sense, but rather the channel used to provide liquidity to the national payment system. When the systems DALÍ, SICAM and SPEI close their daily operations, balances are transferred to the SIAC. At any time when these systems are simultaneously open, it is possible to transfer funds between the SIAC and DALÍ systems, or between the SIAC and the SPEI, but these transfers can be made only among accounts held by the same participant.
Credit	Only banks registered in Mexico can incur collateralized intraday overdrafts in the system. However, there is a limited overdraft assigned to each participant according to the participant´s capital. The collateral is composed of the deposits held by participants at the central bank.
Participants	Banks, brokerage firms, some public entities such as the federal treasury, and some trusteeships managed by Banco de México.
Pricing	Each participant is charged an annual fee at the beginning of the year for using the system. The annual fee is aimed at recovering the cost of the use of the telecommunications infrastructure and systems maintenance. The annual fee for each participant is determined according to the number of system terminals installed.
Daily schedule	19:00 - Opening (previous day) 18:15 - Closing