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Author Topic: BSP requires Banks to set up e-payment channels  (Read 158 times)
theyoungmillionaire
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March 31, 2018, 06:16:09 AM
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BSP requires Banks to set up e-payment channels


MANILA – Banks and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said.

The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for the National Retail Payment System (NRPS) covering banks, non-banks and e-money issuers, in line with an industry-wide push towards digital transactions.

The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.

The rules spring from Circular 980 issued in November, which endorses the creation of automated clearing houses (ACHs) which would process payment and transfer instructions given through digital channels, which include online and mobile banking.

BSP Memorandum 2018-012 requires all BSP-supervised financial institutions (BSFIs) to have electronic platforms ready for public use so that they can participate in the NRPS scheme.

“The regulatory requirement is that electronic payment facilities, such as those enabled via the BSFI’s participation in ACHs, shall be available to the clients,” the rules read, as signed by Deputy Governor Chuchi G. Fonacier.

“For this purpose, non-availability of electronic payment in a delivery channel requires written justification from the BSFI addressed to their respective offsite units…”

The same rules also prohibit players to do bilateral payment arrangements, with all fund movements required to pass through the respective clearing houses. This is to preserve “free and fair competition” and maintain system-wide efficiency, the regulator said.

All BSFIs must likewise comply with “immediate credit” after electronic fund transfers (EFT) are cleared.

“The time frame of immediate credit to the payee’s account for near real-time transactions is within 2 to 3 seconds from receipt of clearing advice by the receiving institution,” the BSP said.

A two-hour window for crediting funds is provided for batched transactions, referring to the Philippine EFT System and Operations Network (PESONet) launched late last year.

The PESONet is the industry’s first attempt at rapid interbank transfers, which leapfrogs from the Philippine Clearing House Corp.’s system for bank checks to now include e-wallets.

The BSP also reminded all players that they can only impose fees and charges on money senders — if at all, with all recipients to receive amounts in full.

The central bank has set an ambitious goal to bring the share of e-payments to 20% of all financial transactions by 2020, coming from a measly one percent share back in 2013.

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March 31, 2018, 07:35:25 AM
 #2

Kahit hindi to gawin ng BSP kung magBoom ang coinsph na ngayon eh makikilala na dahil sa beepcard na madaling loadan eh matthreaten ang mga bangko sa epayment at maglalagay talaga sila nyan. Kaya malaking tulong sa crypto if ever.. sana

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March 31, 2018, 07:39:22 AM
 #3

Kahit hindi to gawin ng BSP kung magBoom ang coinsph na ngayon eh makikilala na dahil sa beepcard na madaling loadan eh matthreaten ang mga bangko sa epayment at maglalagay talaga sila nyan. Kaya malaking tulong sa crypto if ever.. sana

Agree.... Malaking step din to ng Banko Sentral para mas lalong maging kilala ang mundo ng Digital/Virtual World. Kahit kami sa banks pumapasok na sa mundo ng virtual system. Since Required ng BSP na by this year end 2018 im sure boom ang cryptocurrency world.

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April 05, 2018, 05:08:38 PM
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I believe this is one of the steps BSP is taking in preparation of the country to the future of digital currencies. I will not be surprised if next year cryptocurrencies will be used throughout the country.
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April 10, 2018, 03:27:40 PM
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Posible na counter measure ito ng Bangko Sentral para bumalik ang customers ng platforms like coins.ph sa mga banks since mas secure ang banks as compared sa coins.ph against hackers dahil insured ng maximum of P500,000 ang bawat investors ng isang bangko kapag nagka-nakawan. Walang ganyang system o security ang platforms like coins.ph. Kaya pag nagkaroon ng ganyan ang banks, maaaring magamit na naman yan sa paghahari ng bears. Tandaan natin, isa ang banks and even central banks sa gustong alisin ng cryptocurrency sa picture ng exchanges. So I think mas magiging pabor talaga para sa atin kung hindi yan mapupush through kundi istrengthen nlng ng bangko sentral ang policies sa digital currency exchanges like coins and others.

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April 11, 2018, 05:53:49 AM
 #6

I believe this is one of the steps BSP is taking in preparation of the country to the future of digital currencies. I will not be surprised if next year cryptocurrencies will be used throughout the country.
Definitely true someday soon all of this cryptucurrency is now clearly an everday usage to everybody in any supermarkets,establishments in this whole country i guess,.so its a pleasure for us that this will be  happening.,all banks i think will also supports bitcoin or any crytocurrencies.

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April 11, 2018, 06:28:25 AM
 #7

hndi ko masabi kung positive ba to o negative para sa ating mga nag ccrypto, dahil kung mag seset din sila ng e-payment system using our currency (php), mawawalan ng saysay ang cryto dito dahil mas trusted ang pinoy sa currency natin compare kung icoconvert pa ito sa crypto. lalo na ngayon na may na sscam nanaman.
maganda sana to kung gagamitin ng BSP ang crypto pang e-payment.

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April 11, 2018, 04:02:24 PM
 #8

Malaking pag asenso ito kung magtatagumpay sila. Pero kung pakikipagkumpetensya ang paiiralin ng mga bangko sa bawat isa, malabong mangyari yan. Malamang nyan may mga magsasabotahe ng kalaban nila. Pero sana hindi ganun mangyari.

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April 11, 2018, 05:34:12 PM
 #9

It is so nice to see that our BSP are doing something para tayo ay makalevel sa ibang bansa at para nadin maging aware ang mga ibang tao, just imaging kung lahat tayo at magiinvest dito di ba, for sure laking factor nun sa price kahit na maliit na bansa lamang tayo pero malaki na maambag natin sa demand ng bitcoin.

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theyoungmillionaire
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April 16, 2018, 03:33:27 PM
 #10

It is so nice to see that our BSP are doing something para tayo ay makalevel sa ibang bansa at para nadin maging aware ang mga ibang tao, just imaging kung lahat tayo at magiinvest dito di ba, for sure laking factor nun sa price kahit na maliit na bansa lamang tayo pero malaki na maambag natin sa demand ng bitcoin.

Agree... sabi nga okay lang na maliit ang isang ambag... kasi ang isang maliit lumalaki din nmn at jan nagsisimula ang pagbabago sa maliit na simulain... marami pang magagawa ang pinoy para makipagsabayan sa mundo ng bitcoin/cryptocurrency.

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April 17, 2018, 09:10:24 AM
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Na challenge ata ang BSP sa cryptocurrency Grin. Mabilis naman talaga kasi makipag transaction sa cryptocurrency, higit sa ano pa mang banking system  Cool. Well mas mabuti na rin yan kasi mas secure naman talaga ang pera kapag sa banko mo nilagay kaya lang napaka bagal ng process at mahal pa mag open account.  Maski ako kung papipiliin ako sa choices ng crypto at banking e dun talaga ako sa banking. Basta wala masyadong kuskusbalungos pa at babaan din nila sana ang limit ng pag open acc Cry.

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April 17, 2018, 02:39:45 PM
 #12

BSP requires Banks to set up e-payment channels


MANILA – Banks and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said.

The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for the National Retail Payment System (NRPS) covering banks, non-banks and e-money issuers, in line with an industry-wide push towards digital transactions.

The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.

The rules spring from Circular 980 issued in November, which endorses the creation of automated clearing houses (ACHs) which would process payment and transfer instructions given through digital channels, which include online and mobile banking.

BSP Memorandum 2018-012 requires all BSP-supervised financial institutions (BSFIs) to have electronic platforms ready for public use so that they can participate in the NRPS scheme.

“The regulatory requirement is that electronic payment facilities, such as those enabled via the BSFI’s participation in ACHs, shall be available to the clients,” the rules read, as signed by Deputy Governor Chuchi G. Fonacier.

“For this purpose, non-availability of electronic payment in a delivery channel requires written justification from the BSFI addressed to their respective offsite units…”

The same rules also prohibit players to do bilateral payment arrangements, with all fund movements required to pass through the respective clearing houses. This is to preserve “free and fair competition” and maintain system-wide efficiency, the regulator said.

All BSFIs must likewise comply with “immediate credit” after electronic fund transfers (EFT) are cleared.

“The time frame of immediate credit to the payee’s account for near real-time transactions is within 2 to 3 seconds from receipt of clearing advice by the receiving institution,” the BSP said.

A two-hour window for crediting funds is provided for batched transactions, referring to the Philippine EFT System and Operations Network (PESONet) launched late last year.

The PESONet is the industry’s first attempt at rapid interbank transfers, which leapfrogs from the Philippine Clearing House Corp.’s system for bank checks to now include e-wallets.

The BSP also reminded all players that they can only impose fees and charges on money senders — if at all, with all recipients to receive amounts in full.

The central bank has set an ambitious goal to bring the share of e-payments to 20% of all financial transactions by 2020, coming from a measly one percent share back in 2013.

Source

Sa panahon ngayon ang coinsph ay nakikilalannanrin ng mga mamamayan kaya hindi na mahirap para sa mga tao ang mga bagay bagay tulad ng pagbayad ng bills. Magandang nakakakita tayo ng improvements sa mga ito.

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April 17, 2018, 03:34:15 PM
 #13

Marahil namulat na sila sa katotohanan na mabagal ang kasalukuyang sistema na pina-iiral ng mga bangko lalong-lalo na sa money transfer, kaya naman  karamihan sa mga OFW exchanges ang kanilang tinatangkilik at hindi bangko sa pag-papadala ng pera sa Pinas. Sana apurahin nila ito kasi naniniwala pa rin ako na malaking kaibahan at ginhawa ang serbisyong dulot ng mga banko, lalong-lalo na sa security, mas secured mag-lagak ng pera sa mga banko kaysa mga exchanges na walang sawang pinag-i-interesan ng mga hackers.
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April 17, 2018, 07:06:20 PM
 #14

Medyo late ang bsp sa pag galaw dahil ang coins ph sobrang laki ng kinikita ng di nila alam. Pano ba naman panay ang sabi ng scam daw pero di nila alam madami na ang kumikita dito nag setup na ngayon sila ng e-payment para sa mga users nice move.



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April 18, 2018, 08:21:36 AM
 #15

Medyo late ang bsp sa pag galaw dahil ang coins ph sobrang laki ng kinikita ng di nila alam. Pano ba naman panay ang sabi ng scam daw pero di nila alam madami na ang kumikita dito nag setup na ngayon sila ng e-payment para sa mga users nice move.
Cryptocurrencies are here to stay for the long run, kaya hindi pa late ang bsp sa pag aksyon. Impossible din na hindi nila alam na maraming kumikita sa mga e-payments dahil maraming source ng inpormasyon at galamay yang mga tao dyan. Siguro marami lang silang mga bagay na kailangang i-consider bago gumawa ng hakbang na sobrang makaka-apekto sa bansa.

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April 18, 2018, 01:52:47 PM
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BSP requires Banks to set up e-payment channels


MANILA – Banks and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said.

The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for the National Retail Payment System (NRPS) covering banks, non-banks and e-money issuers, in line with an industry-wide push towards digital transactions.

The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.

The rules spring from Circular 980 issued in November, which endorses the creation of automated clearing houses (ACHs) which would process payment and transfer instructions given through digital channels, which include online and mobile banking.

BSP Memorandum 2018-012 requires all BSP-supervised financial institutions (BSFIs) to have electronic platforms ready for public use so that they can participate in the NRPS scheme.

“The regulatory requirement is that electronic payment facilities, such as those enabled via the BSFI’s participation in ACHs, shall be available to the clients,” the rules read, as signed by Deputy Governor Chuchi G. Fonacier.

“For this purpose, non-availability of electronic payment in a delivery channel requires written justification from the BSFI addressed to their respective offsite units…”

The same rules also prohibit players to do bilateral payment arrangements, with all fund movements required to pass through the respective clearing houses. This is to preserve “free and fair competition” and maintain system-wide efficiency, the regulator said.

All BSFIs must likewise comply with “immediate credit” after electronic fund transfers (EFT) are cleared.

“The time frame of immediate credit to the payee’s account for near real-time transactions is within 2 to 3 seconds from receipt of clearing advice by the receiving institution,” the BSP said.

A two-hour window for crediting funds is provided for batched transactions, referring to the Philippine EFT System and Operations Network (PESONet) launched late last year.

The PESONet is the industry’s first attempt at rapid interbank transfers, which leapfrogs from the Philippine Clearing House Corp.’s system for bank checks to now include e-wallets.

The BSP also reminded all players that they can only impose fees and charges on money senders — if at all, with all recipients to receive amounts in full.

The central bank has set an ambitious goal to bring the share of e-payments to 20% of all financial transactions by 2020, coming from a measly one percent share back in 2013.

Source

Maraming opinyon akong nababasa ngunit maganda nga kung may epayments na dahil mas mapapadali ang paglikom ng kitang pinaghirapan mo dahil sa sipag at tyaga. Maraming kumikita ng hindi nila alam ay malaki na pala ang makukuha nila dahil naniniwala sa mga sabi sabi. Malaki ang tulong ng epayments dahil isa din itong source of information.
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