The Monetary Board of Bangko Sentral ng Pilipinas (BSP) approved the amended guidelines on the “Settlement of Electronic Payments under the National Retail Payment System (NRPS) Framework” as part of efforts to ensure integrity and efficiency of the payment system.
The said revised guidelines were issued under Circular No. 1196 on June 27, 2024 which provides operational flexibility to automated clearing houses (ACHs) organized under the NRPS Framework.
ACHs established under the NRPS are InstaPay, a real-time, low-value digital payments facility serving as a substitute for cash transactions; and PESONet, a batch electronic funds transfer service that is a viable alternative for checks and recurring payments.
The BSP said the circular requires the central bank’s approval for new rules or enhancements to the settlement of e-payments under the Manual of Regulations for Payment Systems (MORPS). This ensures that all enhancements to the settlement guidelines of ACHs are thoroughly reviewed and approved by BSP prior to implementation.
Under the policy, ACHs may now lodge requests with the BSP when they deem that adjustments are necessary to enable more settlement cycles, support faster settlement, and improve the overall efficiency of e-payments.
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