The Bangko Sentral ng Pilipinas (BSP) has introduced the Manual of Regulations for Payment Systems (MORPS), marking the first-ever comprehensive codification of payment system regulations in the Philippines.
According to Zawya, BSP Governor Eli Remolona Jr. highlighted the significance of the MORPS as a strategic framework poised to underpin payment system reforms in accordance with global standards and best practices. This initiative represents a pivotal step in making regulatory guidelines accessible, aiming to streamline the myriad of policies previously issued by the central bank.
The MORPS stands as a crucial resource for participants of the National Payment System (NPS) and the general public, offering a detailed guide on the regulations governing the NPS.
This includes the services, processes, and responsibilities that participants must adhere to. The manual encapsulates payment-related policies and issuances by the BSP, derived from legislative acts such as the New Central Bank Act and the NPS Act, among others. The BSP plans to annually update the MORPS to incorporate new amendments and updates, ensuring the document remains current and comprehensive.
Governor Remolona underscored the MORPS’s role in encouraging payment system operators (OPS) to comply with standards aimed at enhancing the safety, efficiency, and reliability of the national payment system. However, its relevance extends beyond OPS, serving as a valuable tool for individuals, institutions, and agencies engaged in the payment ecosystem. The MORPS not only organizes existing regulations but also introduces new sections covering regulatory frameworks, retail payment systems, governance, licensing, settlement processes, and an enforcement framework to manage compliance.
The enforcement framework, in particular, consolidates previous BSP issuances, emphasizing the importance of adherence to regulations for the stability and integrity of the Philippine payment systems. Non-compliant members face supervisory and enforcement actions, as stipulated by the New Central Bank Act and the NPS Act.
This comprehensive approach by the BSP underscores its commitment to fostering a robust and inclusive financial ecosystem, facilitating the growth of digital payments and ensuring a secure financial landscape for Filipinos.
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