Central Banking

Philippine banks migrate to new remittance payments system

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Migration to the Central Bank of the Philippines' new electronic payments system for interbank remittance transfers has been completed.

In a circular dated Tuesday, central bank said twelve banks had completed migration to PhilPaSS Remit, the Philippines' payments and settlements system for interbank remittances. Banks started processing remittances through the system in October this year.

The twelve banks which agreed to use PhilPaSS Remit include Allied Banking Corporation, Asia United Bank, B

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