BSP setting up task force for real time payments

The Bangko Sentral ng Pilipinas (BSP) is creating a task force to further enhance the safety, efficiency, and resiliency of the country’s payments and settlement systems.

BSP Governor Nestor Espenilla Jr. issued Memorandum M-2018-033 establishing a task force on the adoption of the ISO 20022 on Philippine payments.

The body would serve as the driving force of BSP and of the Philippine financial industry in ensuring the adoption of the global ISO 20022 message standards on payments, compliant with BSP’s roadmap and timelines, and in synch with the modernization of the country’s real-time gross settlement system.

The BSP and the Bankers Association of the Philippines would co-chair the task force, while members should be participants of the Philippine Payments and Settlements System (PhilPaSS) including the Chamber of Thrift Banks (CTB), the Rural Bankers Association of the Philippines (RBAP), Investment Houses Association of the Philippines (IHAP), and the Philippine Finance Association (PFA).

On the other hand, primary and permanent alternate members from third party participants to PhilPaSS include BancNet, Bureau of Treasury, the Philippine Clearing House Corp., and the Philippine Dealing System Holdings Inc.

The task force would be responsible in implementing the ISO 20022 Roadmap as approved by BSP, simultaneous with the timelines of the modernization of the country’s new real-time gross settlement system.

It would also establish an ISO 2OO22 Payments Market Practice Guidelines for the Philippines that includes mechanisms to monitor the compliance of the financial community.

The task force would also liaise with standard-setting organizations led by Society for Worldwide Interbank Financial Telecommunications and perform the necessary activities as well as provide mechanisms to engage and disseminate appropriate information to stakeholders.