Secure settlement scheme marks year 3

The Bangko Sentral ng Pilipinas (BSP) said it marked a milestone with the third anniversary of PhilPaSSplus, the real-time gross settlement (RTGS) system.

Launched on 26 July 2021 to replace PhilPaSS, the country’s 19-year-old RTGS System, the PhilPaSSplus featured 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, PhilPaSSplus facilitates the settlement of clearing results of retail payments made by individuals, businesses, and the government using checks, ATMs, InstaPay and PESONet.

BSP’s commitment

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

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

The ISO 20022 is a payment messaging standard that enables broader interoperability as it sets out payment message formats, structures, and contents that can be understood across payment systems. The PhilPaSSplus now serves 240 financial institutions, including non-bank electronic money issuers.