BSP pushes 24/7 real-time payment system

The Bangko Sentral ng Pilipinas (BSP) is urging financial institutions and payment system operators to collaborate in building a 24/7 real-time payment system, as part of efforts to modernize the country’s financial infrastructure and strengthen the digital economy.

Speaking before over 350 industry participants during the 2025 Peso Real-Time Gross Settlement (RTGS) Forum, BSP Senior Assistant Governor Edna C. Villa encouraged stakeholders to work together in designing a future-ready payments landscape.

“Handa na ba tayo sa 24/7 na RTGS? I encourage us to design that future together,” Villa said, addressing representatives from banks, quasi-banks, e-money issuers, clearing switch operators, and other financial institutions that participate in the BSP’s Peso RTGS system.

An RTGS system allows instant settlement of payments and large fund transfers on a transaction-by-transaction basis, ensuring security and efficiency in high-value financial transactions.

The country’s current RTGS system, known as PhilPaSSplus, currently operates from 9:00 a.m. to 5:45 p.m., Mondays through Fridays. A shift to round-the-clock operations would enable real-time settlement of more transactions, linkages with global payment systems, and enhanced support for cross-border trade, remittances, and e-commerce.

The forum, held at the BSP Head Office in Manila on 18-19 September and on 2 October 2025 at its North Luzon Regional Office, marked four years since the launch of PhilPaSSplus. It also tackled improvements to the system’s operating procedures, particularly during holidays and work suspensions, progress on the ISO 20022 Standard Harmonization Project, and updates on compliance measures for erring participants.