PhilPaSSplus turns three

The Bangko Sentral ng Pilipinas (BSP) marks a milestone as it commemorates the third anniversary of PhilPaSS^plus, the Philippines’ only Peso large value real-time gross settlement (RTGS) system.

Launched on 26 July 2021 to replace the PhilPaSS, the country’s 19-year-old first RTGS System, the PhilPaSS^plus features greater settlement capacity and efficiency, stronger security, and broader access channels.

Aside from enabling banks and other financial institutions to quickly move funds in support of various economic activities, the PhilPaSS^plus facilitates the settlement of the clearing results of retail payments made by individuals, businesses, and the government using checks, ATMs, InstaPay, and PESONet.

Operated by the BSP’s Payments and Settlements Department, the PhilPaSS^plus embodies the BSP’s commitment to ensuring a safe, sound, and efficient payment system.

By introducing the ISO 20022-compliant PhilPaSS^plus, the BSP bagged the Central Banking’s 5^th Annual FinTech and RegTech Global Award for Payment Innovation.

The ISO 20022 is a payment messaging standard which enables broader interoperability as it sets out payment message formats, structures, and contents that can be understood across payment systems.

The PhilPaSS^plus now serves 240 financial institutions, including nonbank electronic money issuers.

Looking ahead, the BSP remains committed to enhancing the PhilPaSS^plus, continuously aligning it with evolving global standards while addressing the needs of the national payment system.