The Bangko Sentral ng Pilipinas (BSP) has ordered all retail payment systems in the country to adopt the ISO 20022 global standard to streamline domestic and cross-border transactions.
The BSP Circular 1223 requires industry players to consistently implement the international standard for electronic data interchange. While participants in the country’s automated clearing houses, InstaPay and PESONet, have already adopted the standard, the BSP noted that previous implementation had been inconsistent across the industry.
It said the new regulation follows specifications set by the Bank for International Settlements–Committee on Payments and Market Infrastructures. The BSP said the move would support better transaction monitoring, stronger compliance checks and more effective consumer redress.
The shift aligns with G20 objectives to improve the speed, transparency and affordability of remittances, it said.
Under the new guidelines, businesses are expected to see improved invoice reconciliation and reduced manual processing, while financial institutions gain deeper customer insights and better interoperability across systems.
