The Bangko Sentral ng Pilipinas (BSP) has approved new guidelines to enhance the settlement of electronic payments under the National Retail Payment System (NRPS) Framework, aiming to bolster the integrity and efficiency of the payment system.
Issued on June 27, 2024, Circular No. 1196 grants Automated Clearing Houses (ACHs) greater operational flexibility. ACHs like InstaPay and PESONet, under the NRPS, facilitate low-value digital payments and batch electronic funds transfers, respectively.
The circular mandates prior BSP approval for any new rules or enhancements in the e-payment settlement process, ensuring thorough review and compliance.
ACHs can now propose adjustments to improve settlement cycles and overall efficiency, such as utilizing a specific demand deposit account (DDA) with the BSP.
On July 8, 2024, BSP, Philippine Payments Management Inc. (PPMI), and the PESONet Steering Committee introduced a third settlement cycle for PESONet transactions, enhancing the Multiple Batch Settlement (MBS) facility.
This midday cycle complements the existing morning and end-of-day settlements, expediting fund crediting and cash flow management for businesses.
The “PESONet 3MBS” initiative aims to improve user experience and mitigate settlement risks by distributing transactions across three daily batches.
