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Philippines unveils new rules for payment systems
The Bangko Sentral ng Pilipinas (BSP) has launched a landmark initiative: the Manual of Regulations for Payment Systems (MORPS). This marks the first-ever compilation of Philippine payment system regulations into a single, user-friendly document.
Governor Eli Remolona Jr. emphasized the MORPS’s significance. It provides a strategic framework for aligning Philippine payment systems with global best practices. This move streamlines a complex web of existing regulations previously issued by the BSP.
The MORPS acts as a one-stop guide for participants in the National Payment System (NPS) and the general public. It details the rules governing the NPS, including services, processes, and participant responsibilities. It also incorporates relevant BSP policies linked to key legislation like the New Central Bank Act and the NPS Act. The BSP plans annual updates to ensure the manual remains current.
Promoting safer and more efficient payment systems
Governor Remolona highlighted the MORPS’s role in promoting safer, more efficient, and reliable payment systems. It does this by encouraging Payment System Operators (OPS) to comply with established standards. But the benefits extend beyond OPS. Individuals, institutions, and anyone involved in the payment ecosystem will find the MORPS valuable.
The MORPS not only organizes existing regulations but also introduces new sections. These cover areas like regulatory frameworks, retail payment systems, governance, licensing, settlement processes, and an enforcement framework to ensure compliance.
This enforcement framework, consolidating previous BSP issuances, underscores the importance of following regulations for a stable and secure Philippine payment system. Non-compliance can lead to supervisory actions as outlined by relevant legislation.
The BSP’s commitment to a robust and inclusive financial system
The BSP’s comprehensive approach demonstrates its commitment to building a robust and inclusive financial system. The MORPS facilitates the growth of digital payments and fosters a secure financial environment for Filipinos.
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