BAP renews partnership with Citi, PCHC

To Strengthen Payment Systems

- By KEISHA TA-ASAN

The Bankers Association of the Philippines (BAP) has renewed its partnership with Citi Philippines and the Philippine Clearing House Corp. (PCHC) to ensure the continued operation and enhancement of the country's domestic dollar and cross-currency settlement systems.

The agreement, signed on Aug. 28, extends the collaboration until Aug. 17, 2030 and covers the Philippine Domestic Dollar Transfer System (PDDTS) and the Payment-versus-Payment (PvP) facility.

As system owner, the BAP oversees the facilities, with Citi Philippines serving as settlement bank and PCHC acting as clearing operator and operator of a designated payment system (ODPS).