Regulatory Alerts2024-06-27
Circular No. 1196: Amendments to the Guidelines on the Settlement of Electronic Payments Under the NRPS Framework
Bangko Sentral ng Pilipinas issued Circular No. 1196 to amend Section 701 of the Manual of Regulations for Payment Systems regarding the settlement of electronic payments under the National Retail Payment System. The regulation mandates that distinct deposit accounts be separately established for instant retail payments and batch clearing, prohibiting the use of a single account for both unless prior approval is granted. These amendments aim to enhance the security of settlement mechanisms by requiring secured settlement accounts for batched transactions.
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