BSP issues quidelines for payment systems

The Bangko Sentral ng Pilipinas (BSP) has released its first Manual of Regulations for Payment Systems (MORPS), a formal compilation of all payment system regulations approved by the Monetary Board as of end-December 2023.

- KEISHA TA-ASAN

BSP Governor Eli Remolona Jr. said the MORPS is designed to organize the numerous policies and regulatory issuances of the central bank systematically.

"As the BSP takes strategic strides toward payment system reforms in alignment with international standards and best practices, it has become imperative that the regulatory issuances on payments are readily available to guide these reforms," he said.

According to the central bank, the MORPS is readily available for all participants of the National Payment System and the public. It acts as a guide for all rules and regulations related to the NPS, including the services, processes, procedures and responsibilities of the participants.