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.
1/5  BIS central bankers' speeches  Today’s event was actually preceded by several singular acts — accomplishments that built upon one another that ultimately comprise the foundation on which the NRPS is built. Laying the NRPS Foundation: PSMB and PPMI In March of this year, the Charter of the envisioned Payment System Management Body (PSMB) was signed by the industry players.