This includes clearing and settlement rules and standards, industry governance and risk management. Product features such as end-user fees, delivery channels and customer service fall outside the cooperative sphere and will be used as basis of competition. The formation of the PSMB and the PESO Net and InstaPay ACHs essentially sets in motion the operationalization of these NRPS principles.
The PSMB serves as the industry-level cooperation and governance body composed of qualified banks and e-money issuers. By organizing as a formal body, participants can effectively identify and drive strategic initiatives to promote the efficiency and resilience of the system and promote the sustained growth of the industry.