BSP Bats for a Safer, More Efficient and Inclusive Philippine Payments and Settlements System

Keeping abreast with developments in the financial system, establishing appropriate best practices and risk management measures, and fostering reliable market infrastructures are keys to providing a safer, more efficient, and inclusive Philippine payments and settlements system. This was the message that was conveyed by subject matter experts in a conference on the topic recently held at the Bangko Sentral ng Pilipinas (BSP).

The conference, which was organized by the BSP Payments and Settlements Office on 27 July 2018, highlighted the critical need to put appropriate and innovative systems in place to process financial transactions in the most efficient way possible while ensuring their safety and integrity. Apart from large-value and time-critical transactions, the BSP likewise supports financial transactions on the retail level as these promote cost benefits to businesses and consumers alike.

An efficient retail payment system has the potential to transform the economy through the efficiency it brings to business transactions and the savings generated from a shift from paper-based to digital instruments. It benefits the consumers and businesses in terms of the affordability, convenience and speed of payment services � the most basic and most used financial service. This is financial inclusion, BSP Governor Nestor A. Espenilla Jr. said in his opening remarks

Through prudential regulations and guidelines as well as its own organizational transformation, the BSP is pushing for payments to become more seamless between financial institutions within the Philippines and even on a regional basis.

The conference which was attended by representatives from the financial industry included discussions on the current state of the retail payments industry, governance procedures under a newly-created department focused on payment systems within the BSP, and strengthening financial institutions against advanced forms of cyber threats.

Source: Bangko Sentral ng Pilipinas

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