BSP enhances settlement of digital payments

The Bangko Sentral ng Pilipinas (BSP) has approved amended guidelines to further enhance the settlement of digital payments, ensuring the integrity and efficiency of the country's payment system.

- KEISHA TA-ASAN

In a circular signed by BSP Governor Eli Remolona Jr. on June 27, the Monetary Board approved the changes to the guidelines on the settlement of electronic payments under the National Retail Payment System (NRPS) framework.

The BSP said the revised guidelines provide operational flexibility to automated clearing houses (ACHS) organized under the NRPS Framework. These include InstaPay and PESONet.

"The circular requires prior BSP approval for new rules or enhancements to the settlement of e-payments under the Manual of Regulations for Payment Systems (MORPS)," the BSP said.

"This ensures that all enhancements to the settlement guidelines of ACHS are thoroughly reviewed and approved by the BSP prior to implementation," it said.