PPMI tapped as partner in retail payment system

The Bangko Sentral ng Pilipinas (BSP) recently acknowledged the Philippine Payments Management Inc. (PPMI) as a partner in implementing the National Retail Payment System (NRPS), paving the way for the establishment of a more accessible and competitive financial system.

In a circular, BSP Governor Nestor Espenilla Jr. said the Monetary Board has recognized PPMI as the payment system management body (PSMB) under the NRPS.

“Notice is hereby given that the Monetary Board, in its Resolution 59 dated Jan. 11, 2018, recognized the Philippine Payments Management Inc. (PPMI) as the payment system management body (PSMB) under the National Retail Payment System Framework provided in BSP Circular No. 980,” Espenilla said.

The PPMI was registered with the Securities and Ex- change Commission on Aug. 30, 2017 to assist the BSP in implementing the NRPS.

It is the product of a mutual agreement between the BSP and the Bankers Association of the Philippines to create a shared clearing and settlements system for the Philippine financial system.

The PPMI will be in charge of monitoring the proper implementation and progress of the NRPS, which aims to establish a more accessible and competitive financial system through digitization of financial transactions.

Launched in December 2015, the NRPS framework is the flagship program of the BSP to modernize the country’s payment system as it aims to create a safe, efficient and reliable retail payment system in the Philippines.

It is expected to improve access to financial services and allow Filipinos to perform financial transactions anytime and anywhere at a reasonable price through the use of innovative technology.

It is positioned to aid the gradual transition of the Philippine financial indus- try from a cash-heavy to a cash-lite economy benefiting various stakeholders by providing faster financial transaction processes and services in the Philippine market.