BSP has issued the regulatory reporting standards for registered operators of payment systems.
BSP — On Friday, the Bangko Sentral ng Pilipinas said that the central bank has issued the regulatory reporting standards for registered operators of payment systems (OPS).
The regulatory reporting standards for OPS, according to the central bank, are in accordance with NPSA (National Payment Systems Act).
According to the central bank, its circular requires an OPS to establish a reporting system that will aggregate all pertinent data and will produce the reports required by the central bank in a timely manner.
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In order to facilitate generation of such information, the central bank said that the board of directors and senior management of an operator of payment systems are directed to implement an “effective management information system” that enables periodic independent review and independent validation of OPS reports.
Also, the BSP circular specifies sanctions that may be imposed on an operator of payment systems for non-compliance with reporting requirements.
BSP Governor Benjamin Diokno said that regulatory reports submitted by the OPS provide valuable information that will help the central bank in promoting the efficient and safe operation of the national payment system, pursuant to its mandate under the National Payment Systems Act.
According to Diokno, the recent policy issuance is critical in the central bank’s formulation of responsive policies and regulations, determination of appropriate oversight interventions, and continuous development of the national payment system.
Based on a report on GMA News Online, the policy issuance on the regulatory reporting standards for operators of payment systems is part of the phased implementation of the NPSA.
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