It’s official: PPMI to serve as official clearing house for e-payments
The central bank has accepted this industry body as its partner for digital payments.
The Bangko Sentral ng Pilipinas (BSP) has entered into a memorandum of agreement (MOA) with the Philippine Payments Management, Inc. (PPMI), which is a new corporation formed by industry players for the sole purpose of overseeing digital payments.
In a statement, the central bank said the PPMI has been officially recognized as the industry-led body that will oversee retail payments systems for electronic payments. The PPMI will be self-governing, with banks, e-money issuers, and financial technology firms policing their ranks in facilitating digital fund transfers.
“With the MOA, the BSP will provide continuing guidance to PPMI for alignment of its policies, standards and rules with the NRPS (National Retail Payment System) framework and the PPMI undertakes to ensure proper implementation of the NRPS principles through its policies, strategies and rules,” the central bank said.
“The BSP and PPMI agreed to have a shared responsibility in monitoring new or emerging trends in the retail payment industry and to notify each other of any relevant information that would warrant appropriate action from either party,” it added.