Crossing the Border: Financial Access, Remittances, and Directo a México SM. Mexico City June 4 6, 2006

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Crossing the Border:

Financial Access, Remittances, and Directo a México









Mexico City


General Information (Mexico City)


Map of the Historic Centre


Palacio de Bellas Artes


Antigua Casa de Moneda




Complementary information




On behalf of the Banco de México (The Central Bank of Mexico), Instituto de los

Mexicanos en el Exterior (IME – Institute of Mexican Abroad), and the Federal Reserve

Financial Services, we cordially welcome all the participants to the “36


Informative IME

Session” entitled Crossing the Border: Financial Access, Remittances, and Directo a



. The objective of this session is to promote greater use of the banking systems in

both countries for sending and receiving remittances and to promote more in-depth

knowledge of the Mexican banking and payments systems.

We feel honored with your participation and your visit to Mexico City and hope that this

will be the first of many visits that will allow us the exchange experiences on remittances

transfers through Directo a México.

We believe that your participation is fundamental in informing us, with relevant

information, that financial institutions have in implementing Directo a México, the best

way to send money from the United States to Mexico.

We hope that this session accomplishes all of your expectations and that your stay in

Mexico City is enjoyable.




Name Title Institution

Mark Arnold Managing Director Immigrant Financial Services

Edith Avila Romo Appleseed Mexico

Matthew K.V. Bailey Partner Immigrant Financial Services

Saul R. Boscan VP, Director of Special Initiatives Fifth Third Bank

Maru Cortazar Appleseed Mexico

Susan Grisso Appleseed Mexico

Robert Howe President Directo, Inc.

Todd Lasher Director of Business Development CheckFree Payment Services

Lee Martin VP Sales & Marketing Troy Group, Inc.

Ricardo Medina Director de Sistemas de Pagos Banco de México

Alberto Mendoza Jefe de Comercio Electrónico Banco de México

Antonio Romero Vice President South Central Bank

Scott W. Sneed Partner Immigrant Financial Services

Luis Villegas Vice President Hispanic Segment Pacific Capital Bancorp

Gregorio Estrella President & CEO Banco del Sol

Paul Stock Executive Vice President North Carolina Banker’s Association

Curby Stech President Members Trust of the Southw

María Jiménez Gerente de Servicio al Cliente Community Trust Credit Union

Raúl Villanueva Branch President / commercial First National Bank

Rufino Carvajal Texad

Karlo E. Morgado Ochoa 1.- Sr. International Officer 2.- Member 1.- First National Bank 2.- Border Trade Alliance

Jabier Rodríguez President & CEO Lone Star National Bank

Rodolfo Cantú Vicepresidente Lone Star National Bank

Virginia Navarro Abogada Consultora Lone Star National Bank

Mariela Cabaleiro Sun Trust Bank

Eduardo M. Berain Senior Vicepresident Frost National Bank

Vangie Leal Senior Vicepresident Frost National Bank

Patricia Altamirano U.S. Bank

Roberto Quiroa Wells Fargo

Ernesto Contreras Bancomer

Frank X. Coumides Executive Vice President Sonoran Bank, N.A

Roberto Escalante Gerente Financiero Citibank, Riverside

Alexa Urban Director of International Payments U.S. Treasury Department

José Padilla Vice President Hispanic Financial Development, LLC



Name Title Institution

Guillermo Güemez García Subgobernador Banco de México

Jesús Cervantes Director de Medición Económica Banco de México

Guillermo Zamarripa Titular de la Unidad de Banca y Ahorro Subsecretaría de Hacienda y Crédito Público

Javier Lorenzo Presidente Comisión de Medios de Pagos Asociación de Bancos de México

Javier Gavito Mohar Director General Bansefi

Ignacio Deschamps Director General de Banca Comercial BBVA Bancomer

Manuel Sescosse Director General Comercial Banorte

Irma Hidalgo Vega Directora de Promoción del Programa 3 x 1 para Migrantes Sedesol

Javier Fernández Director del Programa Invierte en México Nacional Financiera

Iliana de Silva Líder de proyecto Bansefi

Marco Carrera Director de Estudios de Mercado Condusef

Carlos Gonzálezez Director Ejecutivo del IME IME

Gerardo Ponce Director General Adjunto de Productos Banco Azteca

Richard R. Oliver Executive Vice President Federal Reserve Bank of Atlanta

Juan Sanchez Assistant Vice President Federal Reserve Bank of Atlanta

Michael Frias National Coordinator of NATF FDIC

Manuel Orozco Senior Associate Inter-American Dialogue

Deyanira del Río Project Director Neighborhood Economic Development Advocacy Project (NEDAP)

Lilia Escajeda VP & CRA Officer Amarillo National Bank

James Maloney Chairman of the Board Mitchell Bank

Daniel Padilla Director of Latino Banking Pinnacle Bank


Mexico City

The word Mexico stems from the náhuatl dialect metztli, moon god; xictli, navel; and co, place; “in the navel of the moon” or “in the middle of the moon”.

Mexico City, as a municipality, was founded in 1521 by Hernán Cortés in the middle of the now drained Lake Texcoco on the ruins of Tenochtitlan, the capital of the Aztec Empire, and of its lesser-known twin city Tlatelolco. In 1525 the rebuilt city served as the capital of the Viceroyalty of New Spain and the political and cultural center of Mexico. The importance of the city was such that the Captaincy General of Guatemala, Cuba, Florida, and the Philippines were administered from it. This colonial period culminated with the construction of the baroque Metropolitan Cathedral and the Basilica of Guadalupe.

In the XVIII century, Mexico City was named “The City of Palaces” by Humboldt. Nowadays, the Aztecs ruins and buildings from the colonial period and the new and modern skyscrapers allow Mexico City be a unique place in the world.

Mexico City it is one of the largest cities in the world and is classified as a megalopolis as it encompasses one large city that has slowly engulfed other, smaller ones. It is located in the Valley of Mexico (Valle de México), a large valley in the high plateaus (altiplano) at the center of Mexico, about 2,240 meters (7,349 feet) above sea-level, surrounded on most sides by volcanoes towering at 4,000 to 5,500 meters (13,000 to 18,000 feet) above sea-level.

General Information


State Distrito Federal

Capital Mexico City

Surface (km²) 1,547 km² (D.F.)

Attractions Famous landmarks in Mexico City include the Zócalo, the main central square with its time clashing Spanish-era Cathedral, modern-times Palacio Nacional, and Templo Mayor, an ancient Aztec temple ruins, all within a few steps of one another. The trademark golden Angel of Independence is found on the wide, elegant avenue of Paseo de la Reforma.

Chapultepec Park houses the Chapultepec Palace museum on a hill that overlooks the park and its numerous museums, monuments and the national zoo; the National Museum of Anthropology (which houses the Aztec Calendar Stone), the Palacio de Bellas Artes (Fine Arts Palace) which is a stunning white marble theater/museum whose weight is such that it has gradually been sinking into the soft ground below, the Plaza of the Three Cultures in the Tlatelolco neighborhood, and the shrine and Basilicas of Our Lady of Guadalupe.


Map of the Historic Centre


1 Plaza San Fernando

2 Hemiciclo Benito

a Banco de México


b Palacio de Correos



3 Franz Mayer Museum c Palacio de Bellas


4 Plaza Manuel Tolsá

d Plaza de la



5 Zócalo

e Palacio Nacional

6 Plaza Juárez

(Secretaría de Relaciones Exteriores)


Palacio de Bellas Artes

(Fine Arts Palace)

The Palacio de Bellas Artes ("Fine Arts Palace") is the premier opera house of Mexico City. Its construction began in 1904. The beginning of the project in Art Nouveau style by the Architect Adamo Boari was suspended when the revolution started, and then it was finished in 1934 by the Architect Federico Mariscal. The main element is the interior of the theater setting, which displays a crystal curtain that weights 11 tons, and it was made by Tiffany’s in New York from one Million pieces of opalescent crystal. The theme is a view of the Mexican Valley, drawn by painter Geraldo Murillo, known as Dr. Atl. Its four-story lobby houses the Museum of Plastic Arts and Architecture, as well as a room for auditions and other for temporary exhibitions plus a book store. Its the corridors display murals painted by Rufino Tamayo, Manuel Rodríguez Lozano, David Alfaro Siqueiros, Roberto Montenegro, José Clemente Orozco, Jorge González Camarena and Diego Rivera.

Rivera's "Man in Control of the Universe" (or "Man at the Crossroads") mural was originally painted for the Rockefeller Center in New York City but Rockefeller ordered it destroyed for being too radical. Rivera repainted it here in 1934.

The theater is used for classical music, opera and dance, notably the Ballet Folklórico. Maria Callas sang in several productions at the Palace early in her career, and recordings exist of several of her performances here.


Antigua Casa de Moneda

(Antique Coin House)

The Casa de Moneda, was built by Spanish architect Juan Peinado between 1731 and 1734

Periodical and substantial modifications where made tending to the building to reflect different needs over time. Very accredited artists were involved in these modifications to the point that the Mexican Mint was highly praised, in the beginning of the XIX century, by most cosmopolitan travelers of the era. Thus, in 1894, Alejandro de Humboldt defined it as "the largest and richest of the entire world" specifying that in spite of it only offering notable things concerning the perfection of the machines or of the chemical origins of coins, the design was of important attention "because of the order, activity and economy that reigned in all the operations of minting" (that is to say, the set of tasks where the coinage took place). In those dates, the Mint was stamping more than thirty million pesos annually, with a working force of four hundred people.

A transcendental historical event in the country, the Independence War, was a determinant factor, so that the currency that was produced in the capital would be added to those coined in numerous provincial mints, most of which only continued in existence for a short time.

In 1848 new machinery was installed and the Mint was moved to the ancient building of the Apartado, located in the street that still today keeps that name.

Technological advances in coinage matter, the needs for adequate space for counting equipment, and the requirements of a growing national modernization, required that the Mint had to moved to new facilities located in San Luis Potosí, México.



Crossing the Border:

Financial Access, Remittances, and Directo a México


June 4-6, 2006

Mexico City, Mexico

36ª Educational Session

of the Instituto de los Mexicanos en el Exterior (IME),

Banco de México, and Federal Reserve Financial Services


Secretaría de Relaciones Exteriores,

“New Building” Tlatelolco (In front of Alameda Central)

Plaza Juárez No. 20, 1st floor, Conference Area, Col. Centro

México, D.F.


1) Promote more in-depth knowledge of the Mexican banking and payments system and account-to-account transfers.


Sunday June 4, 2006: Participant arrivals to Sheraton Maria Isabel Hotel & Towers Paseo de la Reforma 325 Col. Cuauhtemoc

Mexico City, Distrito Federal 06500

Phone: 011-52-55-5242-5555

Fax: 011-52-55-5207-0684

Email: 15:00 – 18:00 hrs. Participant Registration at the hotel.

18:30 – 19:30 hrs. Cocktail – Sponsored by the Federal Reserve Financial Services 19:45 hrs. Departure to Palacio de Bellas Artes

20:30 – 22:10hrs. Folklore Ballet at the Palacio de Bellas Artes 22:30 hrs. Departure to hotel

Monday June 5, 2006:

7:00 - 7:45 hrs. Breakfast at hotel restaurant

8:00 hrs. Departure to the conference facility at Secretaría de

Relaciones Exteriores

Location: “New Building” Tlatelolco (In front of “Alameda Central”) Plaza Juárez No. 20, 1st floor, Conference Area,

Conference room: José María Morelos y Pavón “D”.

8:30 hrs.- 9:00 hrs. Welcome Remarks

Guillermo Güémez, Deputy Governor of Banco de México.

Richard R. Oliver, Executive Vice President Vice President for the Federal Reserve Bank of Atlanta.


9:00 – 9:45 hrs. Objectives of the Instituto de los Mexicanos en el Exterior.

Orientation to the seminar including a review of the program, Carlos

González, Executive Director of the Instituto de los Mexicanos en el Exterior.

9:45 - 10:30 hrs. Session I

Remittances from the United States to Mexico.

Jesús Cervantes, Director of Economic Measurement, Banco de México.

10:30 – 10:40 hrs. Break 10:40 – 11:40 hrs. Session II

Bankarization, Financial Access, and Transparency.

Javier Gavito, CEO of BANSEFI.

11:40 – 12:40 hrs. Session III

Challenges and Opportunities in Account-to-Account Remittances

Dr. Manuel Orozco, Senior Associate, Inter-American Dialogue

12:40 – 13:00 hrs. Group Photo

13:00 – 14:30 hrs. Lunch

Overview of the Mexican Banking System

Guillermo Zamarripa, General Director, Banking and Savings Department of the Secretaría de Hacienda y Crédito Público (Ministry of Finance)

Location: Conference room: José María Morelos y Pavón “E”. 14:30 – 15:45 hrs. Session IV


15:45 – 16:40 hrs. Session V

Using Remittances in Building Infrastructure and Social Projects: Programas 3x1 (Sedesol) and Invierte en México (NAFIN)

Irma Hidalgo Director of the Program “3x1”, SEDESOL

Javier Fernández, Director of the Program “Invierte en Mexico”, NAFIN

17:00 hrs. Adjourn/ Departure to hotel

18:00 hrs. Departure from hotel to Dinner hosted by Banco de México Location: Antique Coin House

18:30 hrs. Tour and Dinner in the Antique Coin House 22:00 hrs. Departure to hotel

Tuesday June 6, 2006

7:40 - 8:25 hrs. Breakfast at Hotel Restaurant

8:45 hrs. Departure to the conference facility at Secretaría de Relaciones Exteriores

Location: “New Building” Tlatelolco (In front of “Alameda Central”) Plaza Juárez No. 20, 1st floor, Conference Area,

Conference room: José María Morelos y Pavón “D”.

9:20 - 10:00 hrs. Session VI

Building Customer Loyalty: A Community Perspective

Deyanira Del Rio, Project Director, Neighborhood Economic Development Advocacy Project

10:00 – 10:30 hrs. Session VII

Regulatory and Legal Issues in Banking the Mexican Community in the United States.

Juan Sanchez, Assistant Vice President of Supervision and Regulation, Federal Reserve Bank of Atlanta.


10:30 – 10:45 hrs. Break

10:45 - 11:50 hrs. Session VIII

U.S. Financial Institutions Executive Session

U.S. financial institutions are being invited to discuss how they offer Directo a MéxicoSM and their efforts associated with remittances and the Hispanic community in the United States. Adam Ruiz: Citizen's

Union Bank, Lilia Escajeda: Amarillo National Bank, Daniel Padilla: Pinnacle Bank, James Maloney: Mitchell Bank.

11:50 – 12:40 hrs. Session IX

Demonstration of Tools to Enhance Bank Usage and Remittance Strategies

Iliana de Silva, BANSEFI.

Marco Carrera, Vice President, CONDUSEF.

12:40 – 13:15 hrs Session X

Expectations of the New Alliance Task Force

Michael Frias, Federal Deposit Insurance Corporation (FDIC) 13:15 - 13:30 hrs. Closing Remarks

Banco de México

Instituto de los Mexicanos en el Exterior Federal Reserve

13:30 hrs Closing Reception

Light refreshments will be provided

Location: Conference room José María Morelos y Pavón “E”


Complementary Information

Sheraton Maria Isabel Hotel &


Paseo de la Reforma 325 Col. Cuauhtemoc Mexico City, Distrito Federal 06500 Phone: 52-55-5242-5555

Fax: 52-55-5207-0684


María de los Angeles Schacht

Secretaría de Relaciones Exteriores Phone: 5063 30 00 ext 4463 Luis Enrique Vértiz

Instituto de Mexicanos en el Exterior Phone: 50 62 30 17 Elizabeth McQuerry

FRB Atlanta Cell: 404-934-0244

José Antonio Sánchez

Banco de México Phone: 52372036

Jorge Dávalos Banco de México Phone: 52372058

Secretaria de Relaciones Exteriores

Instituto de los Mexicanos en el Exterior Phone: 9157-4374 / 9157 - 4287 / 9157-4254 Embassy of the United States of America Paseo de la Reforma # 305 Col. Centro Histórico Cp. 06600

Phone: 5080-2000

Medical services "Safemex" Phone: 01800225-5767

Hospital Inglés Phone: 5230-8000

Mexican Red Cross Tel: 5560-6899

VISA Phone: 5387-4100 /001800847-2911

MASTERCARD Phone: 5480 -8000 / 001800307-7309

AMERICAN EXPRESS Phone: 5326-2626 / 5254-4572

Taxis Super Sitio 160, A.C. Phone: 5271-9146/ 5271-9058/ 5271-8972


In Appreciation

To all the participating financial institutions

and industry representatives in this event

and to the panelists from the United States and Mexico.

To the Instituto de los Mexicanos en el Exterior

(the Institute for Mexicans Abroad, IME),

the Secretaría de Relaciones Exteriores

( the Mexican Ministry of Foreign Affairs, SRE),

Federal Reserve Financial Services and

the Banco de México (the Central Bank of Mexico).

To the Antique Coin House in Mexico

for their support.

June 2006

Mexico City




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