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Banks told to align retail payments with global standards
The Bangko Sentral ng Pilipinas (BSP) mandates all retail payment systems in the Philippines to adopt the ISO 20022 standard to enhance the efficiency, security, and seamlessness of domestic and cross-border retail payments.
This requirement, detailed in Circular No. 1223, brings the Philippines' payment systems in line with international standards set by the Bank for International Settlements' Committee on Payments and Market Infrastructures.
Although InstaPay and PESONet participants have already begun migrating, the BSP aims to ensure consistent adoption of the ISO 20022 standard across the entire industry due to previously uneven implementation.
The BSP highlighted that adopting this standard will improve transaction monitoring, strengthen compliance checks, and facilitate more effective consumer redress.
Furthermore, the directive supports the G20's goals of making remittances and retail payments more affordable, faster, and transparent.
A two-year phased implementation period has been provided to allow the payment industry to fully transition and comply with the new requirements.
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