BSP Requires Designated Payment Systems to Adopt International Standards.
ENPNewswire-September 16, 2021--BSP Requires Designated Payment Systems to Adopt International Standards
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Release date- 14092021 - ?The Bangko Sentral ng Pilipinas (BSP) has issued Circular No. 1126 requiring designated payment systems (DPS) to adopt the Principles for Financial Market Infrastructures (PFMI).
Developed by the Bank for International Settlement and the International Organization of Securities Commissions, the PFMI comprise of international standards for financial market infrastructures such as payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories.
The adoption of the standard is very timely given the surge of digital payments in the country, as it ensures payment systems to have safeguards in place which are at par with global practices.
With the DPS conforming with the PFMI to be more resilient to financial crises and participant defaults, public interest is better protected, promoting confidence in the use of payments systems.
The issuance of the circular is pursuant to the Payment System Oversight Framework1 (PSOF), and the National Payment Systems Act or Republic Act No. 11127.
The circular requires a DPS, whether a systemically important payment system (SIPS) or prominently important payment system (PIPS), to design and conduct its operations consistent with the PFMI.
Each DPS is expected to demonstrate adequate governance and risk management arrangements...
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