Canadian and US businesses with suppliers or customers in Mexico face a common challenge: inefficient cross-border transactions. Companies often resort to costly wire transfers for payments and struggle with complex processes to collect revenue, usually in USD, incurring significant losses in conversions and FX rates.

At Finofo, we've been listening to these pain points and solved a major part of payables for a long time. We're excited to announce that we're now streamlining receivables as well.

With our latest update, you'll receive local payment account details and CLABE number for collecting money from customers in Mexico using real-time local payment rails: SPEI and CoDi.

No more international wires! Instant, real-time, affordable ways of collecting payments from Mexico are here!

This allows North American businesses to open MXN accounts domiciled in Mexico, enabling direct payments to suppliers and revenue collection from customers through local payment rails SPEI - CoDi. These transactions are instant and real-time with Finofo. We've always had the option to send money to suppliers in Mexico using local payment rails in real-time. Now, we're introducing local payment account details for you to receive money from customers in Mexico using the same local payment rails in real-time.

We've built a robust platform that handles both payables and receivables for MXN in Mexico.This means no more wire transfers, no more unnecessary currency conversions, and no more delays. 

Here's how the Mexico Payment Solutions work on Finofo:

• Pay: Send instant payments directly to your Mexican suppliers' bank accounts through SPEI - CoDi.
  

• Collect: Receive funds locally from your Mexican customers through the same payment rails.
  

• Manage: Handle all your MXN transactions in one place, with real-time updates and tracking.
  

If you want to know more about how SPEI and CoDi work, read our detailed article HERE.

Open your Finofo account today and start sending and receiving payments to Mexico immediately!