Payment Innovation: Bangko Sentral ng Pilipinas

FinTech RegTech 2022 Payment Innovation

On July 26, 2021, amid the Covid-19 pandemic, Bangko Sentral ng Pilipinas (BSP) launched the PhilPaSSplus, an ISO 20022-compliant real-time gross settlement (RTGS) system. It implemented this standard using a ‘big-bang’ approach in high-risk and challenging circumstances. The central bank went forward with the project to address the Philippines’ need for a more efficient, secure and inclusive digital settlement platform – both for high-value payments and retail payment clearing results. To

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