THE central bank is developing regulations for the payment system industry. BW FILE PHOTO
THE CENTRAL BANK has come up with a draft framework for the governance policy of operators of payment systems (OPS) to streamline the regulatory approach for the industry.
Stakeholders are given until Jan. 15 to give their feedback on the proposal.
The proposal forms part of the second phase of its development of policies and regulatory frameworks for the implementation of Republic Act No. 1127 or the National Payment Systems Act signed in October 2018.
“This proposed policy provides the regulatory expectations on the governance arrangements and standards to be adhered to by all OPS, including the BSP, being the operator of the country’s real time gross settlement system,” the central bank said.