The Bangko Sentral Pilipinas (BSP) is taking proactive steps to address the escalating adoption of digital or e-payments in the country.
In line with this, the BSP has put forth a draft circular outlining guidelines for the resolution of disputes related to electronic fund transfers (EFTs).
The regulatory framework, encompassing EFTs falling under the National Retail Payment System (NRPS) framework, aims to apply to all domestic peso-denominated transactions involving the payment of goods and services, as well as domestic remittances or fund transfers.
One key aspect covered by these guidelines is the establishment of reconciliation and dispute handling mechanisms to address issues pertaining to the settlement and crediting of EFTs within the NRPS.
The guidelines encompass various provisions, including minimum requirements for clearing switch operators, procedures for transactions and fund returns, guidelines for the collection and refund of transaction fees, protocols for dealing with unauthorized or erroneous
transactions, strategies for mitigating disruptions of financial services and operations, and measures aimed at safeguarding consumer protection.
Additionally, the circular outlines directives pertaining to monitoring and reporting, surveillance and examination, as well as supervisory enforcement actions.
BSP Governor Felipe M. Medalla said they are committed to ensuring that all BSP supervised institutions offering EFT services through their participation in automated clearing houses (ACH) such as PESONet and InstaPay will furnish clients with appropriate and timely recourse mechanisms for resolving EFT-related concerns.
The draft circular has been disseminated to banks and non-banks for their perusal and feedback, with a deadline for submission set for June 28.