BSP rules on OPS registration out
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Thu, 12 Sep 2019 16:20:46 +0000
RULES and regulations on the registration of payment systems operators have been released by the Bangko Sentral ng Pilipinas (BSP) to implement Republic Act (RA) 11127 or the “National Payment Systems Act.”
These were compiled under Circular 1049, signed by BSP Deputy Governor and Officer in Charge Francisco Dakila Jr. on Monday and posted on the central bank’s website on Thursday.
According to the Bangko Sentral, RA 11127 defines operators of payment systems (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 operators of a system or network that allows payments or fund transfers to be made through a payment instrument; provider of a system that processes payments on behalf
of any person or the government; and those who perform similar activities.
According to the circular, an OPS should 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 fee of P1,000 shall be assessed and collected for the replacement of the certificate.
OPS that are yet to begin operations must register with the Bangko Sentral within one month before starting. OPS operating at the time of the effectivity of the law must register not later than three months from the effectivity of the rules.
The circular also covers the registration requirement for banks and electronic money issuers (EMls) that are currently operating, or will later operate, 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.
It also must be submitted not later than three months from the effectivity of the rules, or within one month from the start of their operations as OPS, as appropriate.