Clearing and Settlement Mechanism Established for National Retail Payment System

The Bangko Sentral ng Pilipinas (BSP, Philippine central bank) signed two agreements with banking industry stakeholders for the establishment of a shared clearing and settlements system as part of the National Retail Payment System (NRPS). These are the charter of the Payment System Management Body (PSMB) and the commitment to form two priority Automated Clearing Houses (ACHs) within the year. Through these, clients can choose what payment product…

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