The Bangko Sentral ng Pilipinas (BSP) has outlined new penalties for violations of the peso real-time gross settlement (RTGS) payment system, aiming to ensure consistent and efficient enforcement among participants. The peso RTGS plays a key role in settling large-value fund transfers between financial institutions and facilitating retail payments through checks, ATMs, InstaPay, and PESONet.
As part of its regulatory efforts, the BSP’s recent Memorandum No. 2024-039, dated December 11, 2024, establishes clear penalties for various offenses, including fines, suspension of privileges, and potential exclusion from the RTGS system. This includes the suspension of access to the BSP’s Intraday Settlement Facility and participation in the RTGS itself. The penalties will be enforced based on the severity of the offenses, which range from failure to meet operational requirements to violations of the peso RTGS Rules.
BSP Governor Eli M. Remolona, Jr. emphasized the importance of clear and transparent sanctions in maintaining trust and ensuring the orderly operation of the system. The memorandum enhances the policy on RTGS penalties by providing more detailed regulations, which will be crucial in ensuring a safe and efficient national payment system. The BSP will also follow due process, allowing participants to present their defense.
The penalties take effect 15 days after publication in the Official Gazette or a widely circulated newspaper.
