BSP: Don’t transact with unregistered OPS

Published July 19, 2021, 4:21 PM

by Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) on Friday issued a reminder to the public to only transact with registered Operators of Payment Systems (OPS) with the BSP.

“The BSP reminds the public to deal with, entertain product offerings, or carry out financial transactions only with BSP-registered Operators of Payment Systems (OPS),” said the BSP.

OPS are cash-in service providers, bills payment service providers, and entities such as payment gateways, platform providers, payment facilitators and merchant acquirers that enable sellers of goods and services to accept payments, in cash or digital form.

“Registration of an OPS allows the BSP to have oversight of the payment system it operates to ensure that it functions safely, efficiently, and reliably by itself and in relation to the National Payment Systems Act (NPSA) or Republic Act 11127, consistent with the central bank’s objectives of consumer protection and financial stability,” said the BSP.

Based on a 2019 circular (Circular No. 1049), all OPS must be registered with the central bank.

The BSP in January released the draft circular on the Governance Policy Guidelines for OPS and also the circular on the Regulatory Reporting Standards of OPS. In the draft circular on OPS reporting standards, the BSP said OPS should have “relevant, accurate, timely” submission of required information while the BSP set its rules to ascertain the accuracy and integrity of these regulatory reports.