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Sun.Star Cagayan de Oro - - Business -

TO have an in­ter­con­nected elec­tronic re­tail pay­ment sys­tem, the coun­try's fi­nan­cial in­sti­tu­tions have formed an or­ga­ni­za­tion that will as­sist the Bangko Sen­tral ng Pilip­inas (BSP) in im­ple­ment­ing the ini­tia­tives for the Na­tional Re­tail Pay­ment Sys­tem (NRPS).

Called the Philip­pine Pay­ments Man­age­ment, Inc. (PPMI), this newly or­ga­nized body is the prod­uct of a mu­tual agree­ment be­tween the BSP and the Bankers As­so­ci­a­tion of the Philip­pines (BAP) to cre­ate a shared clear­ing and set­tle­ments sys­tem for the Philip­pine fi­nan­cial sys­tem.

PPMI was reg­is­tered with the Se­cu­ri­ties and Ex­change Com­mis­sion on Aug. 30 to sup­port the NRPS Pol­icy Frame­work of the BSP, which was launched in De­cem­ber 2015.

“PPMI will or­ga­nize di­rect clear­ing par­tic­i­pants into a self-gov­ern­ing body and as­sist the BSP in over­see­ing the devel­op­ment and op­er­a­tions of the re­tail pay­ment sys­tem. It will help en­sure that the coun­try will soon have an in­ter­con­nected elec­tronic re­tail pay­ment sys­tem,” said BAP pres­i­dent Nestor Tan, in a state­ment.

The PPMI not only in­cludes banks as the BSP tar­gets to in­crease elec­tronic re­tail pay­ment trans­ac­tions to twenty per­cent by 2020. PPMI will help en­sure that the play­ing field among fi­nan­cial ser­vice providers in the coun­try is com­pet­i­tive and re­spon­sive to the needs of the con­sumers.

“With the ad­vent of tech­nol­ogy, the PPMI can help in rec­om­mend­ing poli­cies to the BSP and var­i­ous agen­cies to­wards a more fi­nan­cially in­clu­sive eco­nomic sys­tem for the Filipinos through co­op­er­a­tion and com­pe­ti­tion from var­i­ous fi­nan­cial ser­vice providers,” Tan said.

The NRPS is ex­pected to help Filipinos ac­cess fi­nan­cial ser­vices and carry out fi­nan­cial trans­ac­tions any­time and any­where at a rea­son­able price through the use of in­no­va­tive tech­nol­ogy that will en­hance the safety, speed and con­ve­nience of de­liv­er­ing fi­nan­cial ser­vices by the fi­nan­cial ser­vice providers and of the avail­ment of such ser­vices.

It is po­si­tioned to aid in the grad­ual tran­si­tion of the Philip­pine fi­nan­cial in­dus­try from a cash-heavy to a cash­lite econ­omy, ben­e­fit­ing var­i­ous stake­hold­ers by pro­vid­ing faster fi­nan­cial trans­ac­tion pro­cesses and ser­vices in the Philip­pines. SunS­tar Philip­pines

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