The NRPS will help create a safe, efficient, affordable, interoperable, and reliable retail payments system in the country. The NRPS and the resulting envisioned payment ecosystem will serve as a platform for fintech innovations. Industry players can utilize fintech solutions and provide services within an organized, commercially-viable and efficient retail payments system.
Since its launch, critical milestones reached include: (1) establishment and operationalization of the industry-led payment system management body (PSMB); (2) transitioning of the batch interbank fund transfer service of the Philippine Clearinghouse Corporation (PCHC) into PESO Net, the first multilateral automated clearing hours in the country; and (3) the launch of InstaPay which allows 24/7 low-value electronic fund transfers.