BSP extends the registration deadline for payment systems operators

The Monetary Board extended the registration deadline for operators of payment systems (OPS) until 01 April 2020. The extension is intended to give OPS more time to register and address various concerns that they may have concerning registration.

Under BSP Circular No. 1049, OPS that are operating at the time of the effectivity of R.A. No. 11127 are required to register with the Bangko Sentral not later than three (3) months from the effectivity of the said Circular or on or before 1 January 2020. The guidelines on the registration and notification requirements of OPS are provided under Memorandum No. 2019-023.

R.A. No. 11127 or the National Payment Systems Act endows the Bangko Sentral with the power to oversee the payment systems in the Philippines and exercise supervisory and regulatory powers over these payment systems for the purpose of ensuring the stability and effectiveness of the monetary and financial system.  (BSP)