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.
Through PESONet, the government, private businesses, as well as individuals will be able to conveniently initiate electronic fund transfers and recurring payments to each other’s transaction account. These are all part of the initiatives for the Philippines to transition from a cash-heavy to a cash-lite economy.