The Bangko Sentral ng Pilipinas (BSP) has placed firm reporting standards for operators of payment systems in a move to make the Philippines’ payment system strong and more efficient.
According to Phil Star Global, BSP Governor Benjamin Diokno said its monetary board has issued a resolution approving the regulatory reporting standards for operators of payment systems.
Under the guidelines, reports submitted to the regulator most be accurate, complete and timely in order to be considered compliant with the BSP reporting standards.
The guidelines also underlined that inputs to the reports shall be validated by the operators of payment systems prior to the submission to the BSP to ensure accuracy, integrity of information and completeness.
The new guidelines also require operators of payment systems to set up a reporting system that aggregates all pertinent data and produce the reports required by the BSP under both business-as-usual and stressed conditions – such as weather-related events or national or public health emergencies – in a timely manner.
To facilitate the generation of such information, boards and senior management are directed to introduce a management information system that allows for periodic independent review and independent validation of reports.
The publication noted that the policy issuance is part of a phased implementation of the NPSA, which grants the BSP with the authority to require payment system participants to submit reports on their operations.
Sanctions may also be imposed on an operator of payment systems for non-compliance with reporting requirements, with penalties of P3,000 for primary reports and P600 for secondary reports for operators of payment systems owned by big banks. In addition, a fine of P1,500 for primary reports and P300 for secondary reports for thrift banks.
Non-bank operators of payment systems would be charged P300 for primary reports and P60 for secondary reports per violation.
Diokno said, “This recent policy issuance is critical in the BSP’s determination of appropriate oversight interventions, formulation of responsive policies and regulations, as well as continuous development of the national payment system.
“Regulatory reports submitted by the OPS provide valuable information that will aid the BSP in promoting the safe and efficient operation of the national payment system, pursuant to its mandate under the NPSA.