Published May 12, 2021, 5:36 PM
The central bank’s new peso real-time gross settlement (RTGS) platform of the next-generation Philippine Payment and Settlement System (PhilPaSSplus) – which is expected to go live by June this year – will pave the way for a more efficient and safer flow of funds, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.
Diokno announced on Wednesday, May 11, that testing for the PhilPaSSplus has started in the first half of the year. “In the first quarter of 2021, the BSP completed its ‘User Acceptance Test’ and kicked off the industry-wide market rehearsal which will conclude in June 2021. The outcome of the market rehearsal is key to determining if the system will go live in June this year,” he said during his virtual press briefing.