Regulatory Alerts2024-06-01
Circular No. 1195: Consumer Redress Mechanism Standards for Account-to-Account Electronic Fund Transfers under the National Retail Payment System Framework
The Bangko Sentral ng Pilipinas issued Circular No. 1195 to establish consumer redress mechanism standards for account-to-account electronic fund transfers under the National Retail Payment System Framework. The regulation mandates specific timelines for fund returns, such as within one hour for instant payments and two hours for batched transactions, while requiring clear notification protocols and fee return policies for erroneous or unsuccessful transfers. Financial institutions and clearing switch operators must comply with these end-user protection measures and revise their operating guidelines by December 31, 2024.
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