BSP, banks pursue e-payment system
Lawrence Agcaoili (The Philippine Star) - March 10, 2017 - 12:00am

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.

“There are two priority use cases we have identified and we will be working with the banks to establish. What we’re targeting to happen is to have the signing of agreements by end of the month to set this up and within the year to actually operationalize the schemes,” he said.

Espenilla explained the electronic fund transfer allows the transfer from one account to any other account, online payments, remittance, among others.

On the other hand, he said instant payments would involve the immediate availability of funds.

“There will be mechanisms set up to also make it happen real time. Those are two use cases but there are others down the road. These will be the priorities because we think these are the ones that have the most traction for retail payments system,” he said.

NESTOR ESPENILLA JR
Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.