BSP pushes tougher rules to bolster payment system

The Bangko Sentral ng Pilipinas (BSP) has proposed amendments to incident management rules and updated business continuity procedures for participants in the Peso Real-Time Gross Settlement (RTGS) payment system as part of efforts to strengthen the resilience of critical financial market infrastructures.

- By KEISHA TA-ASAN

In a draft circular, the central bank said the proposed revisions would reflect changes to section 1401.15 of the Manual of Regulations for Payment Systems. Feedback on the draft is due on Dec. 12.

The BSP said the changes recognize the crucial role of the RTGS system in maintaining stability and continuity in financial markets.

Under the proposed section, “the participants of the Peso RTGS Payment System shall manage incidents in collaboration with the BSP.”

Participants will be required to conduct technical investigations on issues related to “system access, report generation, transaction monitoring, receipt of settlement notifications and other relevant incidents.”