Financial Corridors Directo a México Conference December 1-2, Atlanta, USA
Agenda 1. Background 2. Objectives of the financial corridors 3. Implementation of financial corridors
1. Background The National Savings and Financial Services Bank (BANSEFI), the Institute of Mexicans Abroad (IME), Mexican Consulates, Banco de México and the Federal Reserve Bank of Atlanta work together with US financial institutions that participate in Directo a México to identify new financial corridors between cities in the United States and cities in México. The goal is to promote the Directo a México mechanism as a safe and cheap way to send money to México. Through Directo a México, an increasing number of people is going to have access to financial services. Financial education and proper information are critical so that people can make the best decisions on the use of financial services and remmitances.
1. Background States with the largest Mexican origin concentration California Texas Illinois Florida Arizona
2. Objectives of the financial corridors Promoting the use of financial services, and in particular the mechanism of "Directo a México." Enhancing -through the mechanism of Directo a México-, the banking of the unbanked on both sides of the border. Since Directo a México requires the individual sending the money to have a bank account, it inserts them into the formal financial system. Creating business alliances between financial institutions in the United States and México, in order to provide financial services on both sides of the border and improve the living conditions of communities. Providing information to Mexican migrants, so they understand the benefits of inclusion and participation in the financial system on both sides of the border.
Generally, the process for implementing a financial corridor is divided into five stages: 1. Identification of the corridor: The Mexican Consulate, IME, BANSEFI and BANXICO do a survey or research project on both sides of the border in order to identify the largest concentrations of Mexican migrants in the U.S. and their respective communities in México. 2. Identification of the participating financial institutions: Identify financial institutions on both sides of the border which could participate in the implementation process. They must meet the following requirements: Having a specific interest in serving the remittance market to México. Being located in a high influx of migrants area (or their relatives in the case of the institutions in México). Having the technological and operational infrastructure necessary to access the mechanism of Directo a México. The IME and the Mexican Consulates define the corridor viability.
3. Participant Financial institutions: Technical testing and materials production (brochures, banners, presentations). 4. Launch: The Mexican Consulate invites the club or federation and the participant financial institution to introduce the program, selects a US location accessible to the Mexican community, logistic details of the event, press releases, and invitations to the different Hispanic communication media. 5. Feedback and results: Draw up a recap of the event to distribute among the participants, document the event through video, photos, etc. and schedule regular appointments to monitor the results of the corridor.
To date, 14 financial corridors have been implemented: USA MÉXICO Institución en EU Institución en México Fecha St. Paul, MN Tarimbaro, Mich. St. Paul FCU Caja Morelia Valladolid 7 de julio de 2007 Lamont, CA Cerano, Gto. Kern Central FCU Caja Popular Cerano 10 de mayo de 2008 Porterville, CA Puruandiro, Mich. El Futuro FCU Caja Popular Cerano 10 de enero de 2009 Pontiac, MI Luis Moya, Zac. Pontiac Chief FCU Bansefi 28 de febrero de 2009 Los Ángeles, CA Guadalajara, Jal. Cityside FCU Caja Popular Oblatos 28 de marzo de 2009 Chicago, ILL Louisville, KY Dallas, TX Maravatio, Mich. Mazamitla, Jal. Jalapa, Ver. Hidalgo, Mich. Celaya,Gto. San Luis Potosí, SLP. MB Financial Citizen Union Bank Unión de Crédito Neighborhood Caja Morelia Valladolid Caja Popular Oblatos BANSEFI BANSEFI BANSEFI BANSEFI 1 de agosto de 2009 27 de febrero de 2010 9 de abril de 2010 Tyler, TX Jalapa, Zac. Citizens National Bank Caja Popular Oblatos 10 de abril de 2010 Eagle Pass, TX Saltillo, Coah. Tasquillo, Hgo. Border FCU BANSEFI Caja Popular Ezequiel Montes 24 de junio de 2010 Del Río, TX Saltillo, Coah. Tasquillo, Hgo. Border FCU BANSEFI Caja Popular Ezequiel Montes 24 de junio de 2010 Indianápolis, IN Sultepec, Edo México, Finance Center Credit Union BANSEFI 21 de agosto de 2010 Indianápolis, IN Puebla, Puebla Finance Center Credit Union BANSEFI 21 de agosto de 2010 Indianápolis, IN Guadalajara, Jalisco Finance Center Credit Union BANSEFI 21 de agosto de 2010
Pontiac, USA February 28, 2009 Opening Ceremony
Guadalajara, Jalisco March 2 nd, 2009 Opening ceremony and presentation of the program
Celaya April, 9, 2010 Conference call between family members in the United States and in México.
Conference call with the Consulate of Dallas Celaya April, 9, 2010
Tasquillo, Hidalgo June, 24, 2010 Presentation of the Program Directo a México
Saltillo, Coahuila June, 24 2010 Q&A about the program Directo a México
For further information and samples of the formats required to implement a financial corridor, visit the Directo a México website: http://directoaméxico.com/corredores.html
Thank you! Celia Esteva Bansefi (011) 52 55 54 81 35 97 ceesteva@bansefi.gob.mx Alberto Mendoza Banco de México (011) 52 55 52 27 88 52 amendoza@banxico.org.mx Jorge Jiménez Federal Reserve Bank of Atlanta (404) 498 83 17 jorge.jimenez@atl.frb.org