Regulatory Alerts2025-11-20
Circular No. 1223: Harmonization with Internationally Accepted ISO 20022 Standard for Retail Payment Systems
Bangko Sentral ng Pilipinas mandates the harmonization of retail payment systems with the ISO 20022 standard to enhance efficiency, interoperability, and straight-through processing for domestic and cross-border transactions. The Circular requires participants to adopt structured messaging formats, standardized identifiers such as BIC and LEI, and unique end-to-end transaction references while maintaining strict transparency and record-keeping obligations. Participants are granted a two-year phased implementation period to achieve full compliance, overseen by an Industry Project Team responsible for coordination, testing, and progress reporting.
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