The regulator has made available a draft circular on the proposed guidelines for industry players to comment until Dec. 11.
The BSP said efficiency is the presence of quick and affordable payment means which are fit for the purpose of the transactions as well as the needs of the users and the participants.
In line with this, clearing switch operators (CSOs) are expected to design and implement effective and sound governance, including management of significant risks. They should also define and monitor measurable and achievable goals and key performance indicators, such as minimum service levels, risk-management expectations and business priorities.
CSOs should also ensure reliable and consistent service availability with prompt issue resolution, enable fair and open access of participating institutions to the system as well as facilitate and promote interoperability among the participating institutions.
This story is from the November 13, 2024 edition of The Philippine Star.
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This story is from the November 13, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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