The compelling challenge that we all faced was how can this dismal statistic be improved. So we articulated a vision. In December of 2015, the BSP launched the National Retail Payment System or NRPS initiative. Great industry and government collaboration was required to do this. It aimed to create an inter-operable ecosystem allowing seamless electronic fund transfers and payments from one account to another.
In parallel, we have just initiated in all 28 jurisdictions an assessment of the implementation and application of authorities’ Responsibilities, with reports scheduled for autumn 2015. Moreover, preparatory work is now starting for a Level 3 assessment. It is anticipated that an assessment of the consistency of the outcomes of the application of the PFMIs to CCPs will start in autumn 2015.