BSP’s cash service alliance wins another international award

The Cash Service Alliance (CSA) of the Bangko Sentral ng Pilipinas (BSP) won the “Currency Initiative” award for 2022 from the Central Banking publication.

“The CSA resulted in a paradigm shift from traditional cash servicing that heavily relied on the BSP to strengthen commercial bank networks into one that maximized peer cash exchange. This initiative guaranteed that the public’s cash requirements were continuously served even when lockdowns were imposed amid the COVID-19 pandemic,” BSP Governor Benjamin E. Diokno said.

The Central Banking Awards recognizes extraordinary examples of public service and pioneering activities in the central banking community.

Last year, the CSA was recognized as the “Best Currency Initiative Implemented in Response to the COVID-19 Pandemic (Central Banks Category)” by the International Association of Currency Affairs (IACA).

A partnership between the BSP and Bankers Association of the Philippines, the CSA enables direct exchange of fit currency between banks. This innovative online mechanism provides an alternate source of cash to banks during emergency situations, weather disturbances, and localized holidays that impact their operations.

Since its launch, the CSA has provided 375 million pieces of currency worth 302 billion pesos. In 2021, the CSA provided a third or 36 percent of all currency requirements in Greater Manila.

“The CSA provides an innovative cash management system that is future-proof, responsive, and resilient to the changing times,” Governor Diokno added.

The Central Banking Awards Committee noted how the CSA facilitates the routing of cash between banks in the Philippines without the need to draw directly from the BSP offices. The committee added that the CSA technology was built by the BSP’s own technology and digital office, in partnership with the financial sector.

The winners of the Central Banking Awards will be recognized during a Virtual Awards Presentation at Central Banking Summer Meetings in June 2022.