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Manila Bulletin devider Business devider Banking & Finance devider BSP orders unified ISO 20022 rollout within two years for faster, safer payments

BSP orders unified ISO 20022 rollout within two years for faster, safer payments

Published Dec 24, 2025 11:49 am  |  Updated Dec 24, 2025 04:38 pm

At A Glance

  • The Bangko Sentral ng Pilipinas (BSP) has ordered a uniform adoption of the ISO 20022 standard across all domestic retail payment systems to enable streamlined and more secure onshore and cross-border payments.
The Bangko Sentral ng Pilipinas (BSP) has ordered the uniform adoption of the ISO 20022 standard across all domestic retail payment systems to enable more streamlined and secure onshore and cross-border payments.
Under Circular No. 1223, the central bank is requiring all industry players to adopt the global standard, which has already been implemented by InstaPay and PESONet, although the BSP noted that adoption remains inconsistent.
Retail payment systems have been given two years to implement the rule, allowing the industry sufficient time to fully comply.
ISO 20022 is a global standard for electronic data interchange that enables faster, more efficient, and more secure domestic and cross-border payments, such as remittances. As such, overseas Filipinos (OFs) working and living abroad are also expected to benefit from the uniform adoption.
This global-tier standard follows the specifications of the Bank for International Settlements-Committee on Payments and Market Infrastructures (BIS-CPMI). Overall, it aims to enhance transaction monitoring, compliance checks, and consumer redress mechanisms.
For consumers, adoption of the standard ensures faster resolution of inquiries with more complete transaction details. Businesses, meanwhile, stand to benefit from more accurate invoice reconciliation, reduced manual processing, and seamless cross-border fund transfers.
For financial institutions, subscribing to the standard would improve interoperability across the financial system.
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