The Bankers Association of the Philippines (BAP) has renewed its partnership with Citi Philippines and the Philippine Clearing House Corporation (PCHC) to further enhance the Philippine Domestic Dollar Transfer System (PDDTS) and the Payment-versus-Payment (PvP) System.
The three groups agreed to strengthen their information technology infrastructure and service levels, including a target of 99.5-percent system uptime, faster incident response and enhanced business continuity protocols.
The BAP also said the PDDTS would shift its account interest calculations to the Effective Federal Funds Rate from the London Interbank Offered Rate (Libor).
The PDDTS allows real-time domestic US dollar transfers among participating Philippine banks, while the PvP reduces settlement risks in cross-currency transactions.
“The banking industry is poised to benefit from stronger alignment with global payment systems, greater efficiency in domestic USD settlements, and enhanced support for financial market stability and industry innovation,” the BAP said in a statement.
