Registration deadline for OPS extended by 3 mos
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Sat, 28 Dec 2019 16:18:58 +0000
OPERATORS of payment systems (OPS) now have more time to register with the Bangko Sentral ng Pilipinas (BSP), according to the central bank.
In a December 26 memorandum released on Friday, BSP Governor Benjamin Diokno announced that monetary authorities had extended the registration deadline to April 1 next year to also address various concerns that OPS may have concerning registration.
“OPS that are currently operating, and banks and electronic money issuers that are currently operating as OPS shall register with or notify the Bangko Sentral no later than 1 April 2020,” he said.
The previous registration deadline of Jan. 1, 2020 was set under Circular 1049, which orders OPS to submit to the central bank a duly accomplished application form, business plan and copy of the business registration or permit in order to secure a certificate of registration (COR).
A registration fee of P20,000 is imposed on an OPS upon the issuance of the COR, while a P1,000 fee shall be assessed and collected for the certificate’s replacement.
The circular also covers the registration requirement for banks and electronic money issuers (EMls) currently operating or will operate later as an OPS.
A bank or EMI shall notify the BSP on its activities as an OPS, which bears a description of its existing business, business model and target markets.
The notification shall be signed by the president, chief executive officer or a senior officer holding an equivalent position.
Republic Act (RA) 11127, or the “National Payment Systems Act,” endows the BSP with the power to oversee payment systems in the Philippines and exercise supervisory and regulatory powers over them to ensure the stability and effectiveness of the monetary and financial system.
The law defines OPS as those maintaining platforms that enable payments or fund transfers, regardless of whether the source and destination accounts are maintained with the same or different institutions.
These are also defined as operators of a system or network that allows payments or fund transfers to be made through a payment instrument; providers of a system that processes payments on behalf of any person or the government; and those who perform similar activities.