PhilPASS Plus to go live by June 2021

A REVAMPED VERSION of the country’s real-time gross settlement system for interbank transactions and government collections will go live by June next year, said Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Dubbed as PhilPASS Plus, the enhanced system will support better interoperability and integration among domestic and global payment systems.

“It will use the latest technology to increase the safety and efficiency of retail and large-value transactions done via PhilPASS. This is seen to bolster the country’s financial stability which supports economic growth,” Mr. Diokno said in a briefing.

“PhilPaSS Plus will further boost the safety and efficiency of the payment and settlement of both retail and large-value transactions,” Mr. Diokno said.

PhilPASS Plus will also allow the settlement of larger and varying types and complexities of transactions using a single platform, the central bank chief said.

PhilPASS Plus will also have enhanced risk reduction and security levels, business continuity provisions, liquidity management and will allow the generation of data and information.

PhilPASS currently facilitates transactions through automated teller machines, clearing houses PESONet and InstaPay, checks and the trading of government securities in peso and dollar denominations. It is under the BSP’s Payments and Settlements Office.

Mr. Diokno said the first half of the year saw average PhilPASS transactions balloon to 5,000 at P2 trillion daily on average. Total transactions hit about 619,000 with a value of P244 trillion from January to June.

The system was processing 6,400 transactions valued at P1.3 trillion everyday in the last five years compared to the 1,400 transactions worth P350 billion per day seen in the first five years since it launched in 2002. — L.W.T. Noble