This is why the BSP continues to champion the development of the country’s backbone for payments and settlements. Two years since its launch in December 2015, the National Retail Payments System (NRPS) initiative reached critical milestones in 2017. An industry-driven selfgoverning body was established to drive the responsible development and operations of the retail payment system.
Further, the BSP adopted the NRPS framework through the issuance recently of Circular No. 980 which requires BSP-supervised financial institutions (BSFIs) to ensure that the retail payment systems they participate in demonstrate sound risk management and efficient interoperability. One of the two priority multi-lateral Automated Clearing Houses (ACHs) was launched. This is PESONet.