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BSP extends deadline on consumer redress standards
The Philippine Star
|January 01, 2025
The Bangko Sentral ng Pilipinas (BSP) has extended the transitory period for compliance with Circular 1195, which outlines the consumer redress mechanism standards for account-to-account electronic fund transfers (EFTs).
Initially set to end on Dec. 31, the deadline has been moved by three months to March 31, 2025, following Monetary Board Resolution 1471 issued on Dec. 19.
The extension, announced through a memorandum signed by BSP Governor Eli Remolona Jr. on Dec. 27, aims to give clearing participants of InstaPay and PESONet, including automated clearing houses (ACHs) and clearing switch operators, additional time to align their systems with the central bank's consumer protection standards.
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FLERE HISTORIER FRA The Philippine Star
The Philippine Star
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1 mins
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