The NATCCO operates the KAYA Payment Platform, its product offering, together with the Philippine Federation of Credit Cooperatives (PFCCO), to co-ops that enables members to transact on four channels – through inter-operable branches, mobile phones, automated teller machines (ATMs), and EFT-POS terminals.
BSP Circular 1049 defines OPS as a “person that performs any of the following functions: 1) Maintains the platform that enables payments or fund transfers, regardless of whether the source and destination accounts are maintained with the same or different institutions; 2) Operates the system or network that enables payments or fund transfers to be made through the use of a payment instrument; 3) Provides a system that processes payments on behalf of any person or the government . . .”
Republic Act No. 11127 or the National Payment Systems Act (NPSA) endowed the BSP with the power to oversee the payment systems in the Philippines and exercise supervisory and regulatory powers over these payment systems for the purpose of ensuring the stability and effectiveness of the monetary and financial system.
The NPSA provides a comprehensive legal and regulatory framework which supports the twin objectives of maintaining a payment system that is necessary to control systemic risk and providing an environment conducive to the sustainable growth of the economy.
According to the BSP website, “a payment system provides the channels through which funds are transferred among banks and other institutions to discharge payment obligations arising from economic and financial transactions across the entire economy. An efficient, secure and reliable payment system reduces the cost of exchanging goods and services. It is an essential tool for the effective implementation of monetary policy, and the smooth functioning of money and capital markets.”
Pushing for financial inclusion, or ensuring that every Filipino will have better access to formal financial services, the BSP has been keen on getting co-ops on board the National Retail Payment System (NRPS).
Under BSP Circular No. 1049, OPS that are operating at the time of the effectivity of R.A. No. 11127 are required to register with the BSP. The guidelines on the registration and notification requirements of OPS are provided under Memorandum No. 2019-023.
The registration deadline has been extended a number of times to iron out technical details in the implementation of regulations.
Regulation is crucial, as the BSP recognizes there are security risks in payment systems but also recognizes the “relative importance of payment systems as systemically or prominently important”.
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