BSP issues provisional licenses to 10 payments operators

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has granted provisional certificates of registration to 10 operators of payment systems for the month of October as the government ramps up the country’s transformation to a cash-lite economy.

Given the green light to operate payment systems were the BSP Payments and Settlements Office, Philippine Savings Bank, Asiapay Payment Technology Corp., Action.able Inc., Rural Bank of Balabag Inc., Xenpay Inc., Electronic Commerce Payments Inc., Skybridge Payment Inc., Paynet International Technology Inc. and Equicom Savings Bank Inc.

The BSP issued Circular 1049 laying down the rules and regulations on the registration of operators of payment systems approved by the central bank’s Monetary Board last Sept. 5.

It is a product of extensive consultations among private and public stakeholders in the payments industry, and is part of the phased-in implementation of the Republic Act 11127 or the National Payment Systems Act approved by President Duterte that prioritizes the creation of a baseline inventory of all operators of payment systems.

The inventory will be used as inputs in the crafting of rules and criteria for designating payment systems.

“The BSP recognizes the crucial role of payment systems in maintaining a stable financial system and facilitating the realization of monetary policy objectives. It is thus important for the operation of payment systems to be safe, efficient and reliable,” the BSP stated in the circular.

Operators of payment systems include those that maintain platforms that enable payments or fund transfers, regardless of whether the source and destination accounts are maintained with the same or different institutions as well as those that operate the system or network that enables payments or fund transfers to be made through the use of a payment instrument.