Transcription of The Philippine Payment and Settlement System
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The Philippine Payment and Settlement System
The Philippine Payment and Settlement SystemPayments and Settlements Office+63 2 400 2019 HISTORYTHE EVOLUTION TO A MODERN Payment AND Settlement SYSTEMA ddressing challenges of the times and meeting global standards Under Republic Act No. 7653 (The New Central Bank Act) approved in 1993, the central bank established facilities for interbank clearing with deposit reserves maintained by banks in the BSP used as the basis for the clearing of checks & the Settlement of instructions were physically delivered by banks to the then Deposit Liabilities & Reconciliation Division (DLRD) of BSP s Accounting Department which settled transactions at designated time address risks & improve processing time that can be made from a manual System , procedures to transmit Payment instructions electronically were developed beginning 1997.
payments systems. In 2007, a self-assessment was made on the compliance with the 10 Core Principles for Systemically Important Payment Systems established by the Committee on Payment and Settlement Systems. In 2014, a 3rd party assessment was also conducted under a technical assistance of the Asian Development
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