The Bangko Sentral ng Pilipinas (BSP) said it has issued guidelines on the settlement of electronic payments (e-payments) under the National Retail Payments System (NRPS).
“The policy retains the existing provisions applicable to instant retail payments while incorporating new provisions relating to batch settlement of electronic payments. This new set of guidelines is expected to strengthen credit and settlement risk management for batch settlement of electronic payments. electronic payments,” BSP Governor Benjamin said. Diokno pointed out in a statement over the weekend.
Central bank-supervised financial institutions participating in the Automated Clearing Houses (ACH) established under the NRPS, namely InstaPay and PESONet, as well as the respective ACH Clearing Switch Operators (CSOs) are required to follow the guidelines of settlement, the central bank added. .
He said key provisions include the requirement for clearing participants to maintain a separate demand deposit account (DDA) by type of settlement mechanism.
CSOs that use batch settlement of electronic payments should allow clearing participants to effectively monitor the sufficiency of their respective DDA balances for each settlement cycle, Bangko Sentral noted.
Settlement guidelines are issued to support the implementation of PESONet multi-batch settlement, he added.
By increasing the frequency of PESONet batch settlement to two cycles each banking day, personal and business transactions can be cleared and settled faster with this latest innovation in digital payments.
The BSP said the publication of the NRPS framework guidelines governing the various settlement mechanisms is critical to the successful implementation of Republic Act 11127, or the “National Payments Systems Act,” which requires the bank central to ensuring that payment systems are safe, efficient and reliable.