March 12, 2017

BSP, banks pursue e-payment system

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  • MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) and stakeholders in the banking industry are pursuing the inter-operability among major players as part of the National Retail Payment System (NRPS).

    BSP Deputy Governor Nestor Espenilla Jr. said the NRPS project basically creates a shared clearing and settlements system allowing banks to offer digital financial services in an inter-operable way.

     “It means from one single account, you can do all of your transactions and deal with anyone. Unlike today, although there’s electronic banking today, they’re generally in silos, you transact within the ecosystem defined by the bank and its related companies. They don’t interact with one another. With this in place, you’ll be able to cross those barriers,” he said.

    Espanilla said an agreement among the major players of the NRPS would be signed within the month for the electronic fund transfer as well as instant payments scheme.

    View full story here via PhilStar

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