Payments management body recognized

AN entity established by banks has been recognized by monetary authorities as a management body for the nascent National Retail Payments System (NRPS).

“Notice is hereby given that the Monetary Board, in its Resolution No. 59 dated 11 January 2018, recognized the Philippine Payments Management Inc. ( PMMI) as the payments system management body ( PSMB) under the National Retail Payments System ( NRPS) Framework provided in BSP Circular No. 980,” the Bangko Sentral ng Pilipinas said in a circular released on Tuesday.

The PPMI, established by the Bankers Association of the Philippines in August 2017, will assist the central bank in implementing NRPS initiatives. It will act as a supporting body by monitoring the implementation and progress of the planned electronic retail payment system.

PPMI is the product of a mutual agreement between the Bangko Sentral and the BAP to create a shared clearing and settlements system.

The BSP wants to increase electronic retail payment transactions to 20 percent by 2020 and the PPMI will help ensure that - cial service is competitive and responsive to consumer needs.

The BSP has said that a fully operational and functioning NRPS will translate to faster economic growth.