Amendments to the Guidelines on the Settlement of Electronic Payments Under the National Retail Payment System Framework
This Accounting Alert is issued to circulate the amendments issued by the Monetary Board to the guidelines on the settlement of electronic payments under the NRPS as provided under Section 701 of the Manual of Regulations for Payment Systems (MORPS) in the use of a secured settlement account for batched transactions.
The Amendments
Minimum requirements for the operation of a settlement mechanism for electronic payments
Settlement mechanisms for electronic payments shall meet the following minimum requirements:
a. x x x
b. Distinct DDAs shall be separately established and used for each of the following: (i) instant retail payments, and (ii) batch clearing and settlement of electronic payments, unless otherwise allowed with prior BSP approval;
c. x x x
d. x x x
e. Use of the DDA instead of the established distinct DDAs may be allowed, subject to prior BSP approval;
f. The service contract between the clearing participants and the CSO shall include, at a minimum, the following provisions: x x x; and
g. Should the clearing participants determine that the funds in their DDAs x x x
Effectivity
This Circular shall take effect immediately upon its publication either in the Official Gazette or in a newspaper of general circulation.
