The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, has simplified the registration process of operators of payments business in line with the government’s thrust of promoting the ease of doing business.
The Monetary Board has approved a new circular providing for the registration of operators of payment systems as defined in Republic Act 11127, or the National Payment Systems Act.
The board in a statement Friday said the circular would also create the new Manual of Regulations for Payment Systems, which will consolidate all relevant BSP issuances.
“It is a product of extensive consultations among private and public stakeholders in the payments industry, and is part of the phased-in implementation of the NPSA that prioritizes the creation of a baseline inventory of all OPS. Such inventory will be used as inputs in the crafting of rules and criteria for designating payment systems,” the board said.
“In keeping with the thrust of the BSP to promote ease of doing business, the circular also provides a simplified registration process through self-assessment, streamlined list of documentary requirements, and descriptive examples-albeit not exhaustive-of activities that are akin to operating a payment system,” it said.