The Bangko Sentral ng Pilipinas (BSP) has adopted a multi-pronged approach to deal with the impact of technology on economic growth, stability and financial inclusion.
It is now mandatory for banks, financial institutions and their clients to employ so-called multifactor authentication systems when transacting online as countermeasure in a feared surge of cyber attacks in the country.
PAMPANGA Rep. Gloria Macapagal Arroyo has welcomed the House of Representatives’ passage of a bill seeking to grant the Bangko Sentral ng Pilipinas with regulatory and supervisory powers over the country’s payment systems.
Under the strong sponsorship of the BSP, the various industry players – both Banks and non-bank Electronic Money Issuers (EMIs) signed off on Friday, 31 March 2017 on the Charter of the Payment System Management Body (PSMB). Industry players also expressed their commitment to form within 2017 two priority Automated Clearing Houses (ACHs): the Batch Electronic Fund Transfer (EFT) Credit ACH to be called “PESO Net” and the Real Time Low Value Push ACH to be called “InstaPay.”
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).