WHAT IS A PAYMENT SYSTEM?A payment system consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of money.1 In simple terms, “money” is regarded as cash (i.e., notes and coins issued by the government or central bank) or claims against credit institutions in the form of deposits. The use of bank deposits to make payments has become an important medium in most developed countries and to make a payment, the payer must issue an instruction in the form of a paper-based instrument (e.g. a check) or an electronic instruction (e.g. using a credit or plastic card). The effectiveness of payment activities is fully dependent on the arrangements that facilitate fund transfers between members and it is through these arrangements that constitute a “payment system”. Payment Systems consist therefore of networks that link the members with existing rules and procedures for the use of this infrastructure. A Payment System normally requires the following: • • • Standard methods of transmitting payment messages between members Agreed means of settling claims within the members/participants (normally through the deposits of the members/participants with the central bank) Common operating procedures and rules (admission, fees, operating hours) Payment systems are vital part of the economic and financial infrastructure. Their efficient functioning, allowing transactions to be completed safely and on time, makes a key contribution to overall economic performance. Payment systems, however, can also involve significant exposures to risks for members. It is for this reason that central banks have always taken into account the design and operation of payment systems additional control features to mitigate these risks. WHY ARE PAYMENT SYSTEMS IMPORTANT? a. Payment systems allow safe and timely completion of transactions. Various payment systems are normally used by companies to buy or sell goods and services; individuals rely on them to receive their salaries and for retail purchases; and the government depends on them to receive taxes and pay benefits. b. Payment systems allow the customers of one bank to make payments to other banks thereby minimizing the risks of fraud and erroneous payments to illegitimate creditors. 1 Bank for International Settlements – Committee on Payment and Settlement Systems, A glossary of terms used in payments and settlement systems (2003), p38 1 c. Payment systems are vital to the operation of financial markets as they are used to settle trading of various financial instruments such as government securities, commercial paper, stocks, foreign exchange and derivatives. WHAT ARE THE RISKS INVOLVED IN PAYMENT SYSTEMS? The various risks in Payment Systems are as follows: a. Credit Risk – the risk that the counter-party will not meet an obligation for full value, either when due, or at any time thereafter.2 It includes both the risk of loss of unrealized gains on unsettled contracts with the defaulting party and more importantly, the risk of loss of the whole value of the transaction. b. Liquidity Risk – the risk that the counter-party will not settle an obligation for full value when due.3 This could adversely affect the expected liquidity position of the payee and may force the payee to cover its cash flow shortage by funding from other sources to meet its obligations to others. c. Settlement Risk – the risk that the completion or settlement in a transfer system will not take place as expected. This risk may comprise both credit and liquidity risk.4 d. Operational Risk – the risk of human error or a breakdown of some component of the hardware, software, or communications systems that are crucial to settlement.5 e. Legal risk – the risk of loss because of the unexpected application of a law or regulation or because a contract cannot be enforced6 WHAT ARE THE PHILIPPINES? MAJOR PAYMENT INSTRUMENTS IN THE a. Check A written order from one party (the drawer) to another (the drawee, normally a bank) requiring the drawee to pay a specified sum on demand to the drawer or to a third party specified by the drawer. 2 Ibid., p17 Ibid., p29 4 Ibid., p45 5 Ibid., p36 6 Ibid., p29 3 2 Checks may be used for settling debts and withdrawing money from banks.7 In the Philippines, banks exchange checks through the Electronic Check Clearing System (ECCS) of the Philippine Clearing House Corporation (PCHC) for processing and settlement through their demand deposit accounts (DDA) that are maintained with the BSP. Checks are commonly used by consumers for bills and small value payments and for businesses for their regular payments such as purchase of goods and services. b. Credit Card A card indicating that the holder has been granted a line of credit. It enables the holder to make purchases and/or withdraw cash up to a prearranged ceiling; the credit granted can be settled in full by the end of a specified period or can be settled in part, with the balance taken as extended credit. Interest is charged on the amount of any extended credit and the holder is sometimes charged an annual fee.8 Credit cards in the Philippines are usually issued by the banks which have formed part of their marketing strategy to increase the number of their customer base and improve income that can be generated from retail and consumer business. Credit card use is no longer limited to the ordinary purchase of goods and services by the cardholders. Banks have expanded its usage for other purposes such as cash advance, easy installment plan for purchases, link-up to savings and checking accounts of cardholders etc. to attract more customers. The most common credit cards being used are the Visa, MasterCard, BanKard, JCB, Unicard, Diners Card, and American Express Card. c. Debit Card Debit Cards enable the holder to have his purchases directly charged to funds on his account at a deposit-taking institution (may sometimes be combined with another function e.g. that of a cash card or check guarantee card).9 The existing ATM networks (BancNet, MegaLink, ExpressNet, Nationlink and Encash) have developed their own Point-of-Sale (POS) System to allow their depositors to pay for their purchases electronically through their ATMs for credit to the retailer’s account. d. Stored Value Card 7 Ibid., p12 Ibid., p16 9 Ibid., p19 8 3 Stored Value Cards are prepaid card in which the record of funds can be increased as well as decreased. e. CLEARING AND SETTLEMENT SYSTEMS IN THE PHILIPPINES? a. Two of the most popular form of e-money in the Philippines are SMART Money and Globe’s G-Cash.10 In the Philippines. non-time sensitive payment and collection transactions. and if issued by a bank.. Electronic Check Clearing System (ECCS) Operated by the Philippine Clearing House Corporation. real time settlement of domestic interbank US Dollar transfers/trading. shall not be considered as deposit. Electronic Peso Clearing and Settlement System (EPCS) The Electronic Peso Clearing and Settlement System is an interbank account-to-account fund transfer system that supports bulk. In addition. it provides a facility for online inquiry and settlement of foreign exchange transactions. b. WHAT ARE THE MAJOR PAYMENT. EPCS is operated by the Philippine Clearing House Corporation. c. p22 4 . Metro Rail Transit Authority. recurring.. A bank pioneered also the use of multi-purpose reloadable e-Cash that can be used for cash withdrawal through the bank’s counter or automated teller machines or payment of bills to the accredited establishment of the e-Cash issuer. Also called an electronic purse.11 Also known as e-money. Philippine Domestic Dollar Transfer System (PDDTS) This system allows online. Electronic Money A value stored electronically in a device such as a chip card or a hard drive in a personal computer. This is considered a cost-efficient means of transacting payments and collections and considered as a robust alternative to check payments. p47 Ibid. and telecommunications companies. The BSP classify e-money further as monetary value stored electronically in an instrument or device which can be converted back to cash. where the 10 11 Ibid. Typical examples of single use cards are those issued by the the Light Rail Transit Authority. these cards are commonly single use instruments and non-reusable. ECCS is the system used to facilitate the exchange of checks issued by banks for processing and settlement through their DDAs with the BSP. it enables individual settlement of payment instructions. Philippine Payments and Settlements System (PhilPaSS) The Philippine Payments and Settlements System or PhilPaSS is the system name where both processing and final settlement of fund transfer instructions can take place continuously (i. have been an indispensable payment instrument nowadays. making transactions safer and more efficient. f. that is. being used in a variety of retail payment transactions. e. As a real time settlement system. the system effects final settlement continuously rather than periodically at pre-specified times provided that a sending bank has sufficient balances or credit. normally run by a country’s central bank. without netting debits against credit. enables the real time settlement of various investment trading activities including. 5 . in real time). The system that connects the ATM consortiums now enables cashless payments for purchases made by ATM cardholders. which is operated by the Philippine Dealing System (PDS) Group. to effect high-value payment instructions between banks through the deposit accounts of the banks that are maintained with the central bank. settlement of interbank/interdealer repurchase transactions and securities trading (via Delivery vs. tertiary or public market trading (via expanded Delivery vs. Payment system or DvP). The settlement process is based on real time transfer of central bank money. What the system does is it debits the ATM cardholder’s account with his bank for every purchase made using his ATM card thus. The Peso leg is transmitted via the PDS Settlement Highway (PSH) to the Philippine Payments and Settlements System (PhilPaSS) for settlement through the banks’ DDAs maintained with Bangko Sentral ng Pilipinas. WHAT IS REAL TIME GROSS SETTLEMENT (RTGS) SYSTEM? RTGS is an automated facility. Payment system or eDvP) distribution of interests and dividends from registries. As a gross settlement system. but not limited to the following: settlement of the Peso leg of US Dollar interbank transfers/trading (via Payment vs. PDS Settlement Highway (PSH) The PSH. Payment system or PvP).e. custodians or the depository. d. The US Dollar leg is settled via PDDTS using their US Dollar accounts with Citibank as settlement bank.PDDTS participants enter interbank US Dollar and Peso transfer instruction in a single screen. Automated Teller Machine (ATM) ATMs. b. maintaining and upgrading the system including system hardware and software. 2002. Payments are made irrevocable and final WHO OWNS AND OPERATES PhilPaSS? The BSP is the owner and operator of the RTGS system commonly known as “PhilPaSS”. Providing feedback to the participants regarding their PhilPaSS transactions. WHAT ARE THE BENEFITS OF AN RTGS SYSTEM? An RTGS system can provide the following benefits: a. the BSP is responsible for: a. Ensuring uninterrupted operations between the System and SWIFT (the network provider) and adequate Continuity of Business (COB) plans are in place. d. 2002? Prior to December 12. Ensuring that adequate back-up files are available for continuous and efficient operation of the system.Each RTGS System being operated by a central bank has its own unique name. credit and liquidity risks c. b. c. balances and queries. and it is likewise designated as the settlement bank or Central Institution for the settlement of transactions that are processed through the system. c. As owner and operator of the PhilPaSS. WHAT WAS THE SYSTEM BEING USED BY THE BANKS/FINANCIAL INSTITUTIONS FOR THEIR INTERBANK TRANSACTIONS PRIOR TO THE IMPLEMENTATION OF PhilPaSS ON DECEMBER 12. BSP’s RTGS System is called the Philippine Payments and Settlements System or “PhilPaSS”. Maintenance of a Participant’s PhilPaSS account wherein all PhilPaSS transactions and other bank transactions shall be posted during the PhilPaSS business day. the BSP through the system is responsible for: a. Real time and immediate settlement of payments b. Receiving and authenticating electronic fund transfer instructions from the participants. As settlement bank. Mitigation of settlement. Checking if the paying bank has sufficient balances and posting the debit entry in its DDA and credit entry in the beneficiary bank’s DDA. Providing. the banks/financial institutions were using the Enhanced Multi-transaction Interbank Payment System (MIPS2) for 6 . In addition. ii. non-bank intermediaries performing quasi-banking functions (NBQBs) financial b. vi. Bangko Sentral ng Pilipinas (BSP) Universal and Commercial banks Specialized Government banks Thrift and Savings banks Rural and Cooperative banks Non-banks with quasi-banking facility (NBQB) WHAT ARE THE TRANSACTIONS PROCESSED BY PhilPaSS? The following transactions (with value dates equal to PhilPaSS business day) are accepted for processing: a. the BSP departments/offices/units that were directly involved in MIPS2’s interbank transactions were automatically listed as participants in PhilPaSS. 2002. Participants under MIPS2 were subjected to admission fees and a transaction fee of PhP120. iii. iv. MIPS2 was an electronic net clearing system that was operated by the Bankers Association of the Philippines (BAP) and Philippine Clearing House Corporation (PCHC) in coordination with the BSP.00 which was being billed to the account of the debit party for every interbank transaction. PCHC in turn. verifies and authenticates the transactions prior to its electronic transmission to the BSP for settlement. WHO ARE THE PARTICIPANTS IN PhilPaSS? The original participants under MIPS2 were considered as participants in PhilPaSS when this was officially launched last December 12. Payment (PvP) System 12 Kindly refer to page 22 of this booklet for the complete list of PhilPaSS participants 7 . Settlement of the peso leg of foreign currency transactions via the Payment vs. The following are the participants in PhilPaSS12: i.their interbank transactions. High-value funds transfer among banks. v. The status of the transactions of the banks/financial institutions was being secured by the participants through the reports from MIPS2 while the balances of their demand deposits were being advised through an hourly electronic broadcast by the BSP/Comptrollership Department. Both counter-parties had to input their transactions through the MIPS terminal provided by PCHC. Purchase and sale of government securities under outright and repurchase agreements between and among banks and NBQBs and BSP in connection with the latter’s Open Market Operations c. Transactions with past value dates (value dates are less than the PhilPaSS system date) are rejected for processing. Interbank settlement of Automated Teller Machines (ATM) transactions within the members of ATM network provider and settlement of inter-network transactions of ATM network providers. OFW remittances for credit to banks Future dated interbank transactions – payment instructions with value dates greater than the current value date [up to four (4) calendar days] of the system. Cash Withdrawals with BSP-Cash Department/Regional Cash Units i. Revenue Collections (BIR and BOC taxes/duties) k. Settlement of payments for the public (tertiary) market trading of government securities and inter-dealer repo transactions via the Enhanced Delivery vs. Only transactions with current value dates or future dated interbank transactions as defined above are accepted for processing and settlement by PhilPaSS. Settlement of payments for the primary and secondary market trading of government securities via the Delivery vs. Payment (DvP) System e. are accepted but are warehoused and processed only on the date indicated. Cash deposits p. Payment (eDvP) System f. h. e-Rediscounting deals with BSP-Department of Loans and Credit m. Customer payment instructions g. Withdrawal of Excess Reserves with BSP o. BSP-Treasury Department domestic transactions l. LOGICA Clearing and Settlement System/Central Accounting System (LCSS/CAS) The LCSS/CAS is the main application in the system. Its basic function is to process incoming SWIFT settlement instructions from 8 .d. Results of Check Clearing operations (by PCHC) j. WHAT ARE THE SYSTEM COMPONENTS OF PhilPaSS? a. Annual Supervisory Fees n. Plc. c.. SWIFT Network The existing global communication network of SWIFT is a component of the system that enables the participants to transmit their financial transactions to their counterparties electronically.participants and prompt the accounting and recording of these transactions to the participants’ DDA with BSP. the same provider of the Central Accounting System (CAS) of PhilPaSS. (3) allowing users to generate reports ondemand in various file formats (4) enabling banks to transmit their financial transactions to their counterparties through the BSP’s LCSS/CAS. the PPB is a web-based facility which enables PhilPaSS participant-banks to efficiently manage their respective demand deposit accounts (DDA) maintained with the Bangko Sentral ng Pilipinas by (1) allowing the banks’ designated users to check and verify the status and details of all incoming and outgoing transactions. b. (2) allowing designated users to re-prioritize or cancel queued payments. Data Communications A virtual private network (VPN) The existing data communications service provider (ORANGE BUSINESS UK LTD) by SWIFT is also a major component of the system that serves as the communication link between the PhilPaSS and the Participant’s Computer-Based Terminals (CBTs). 9 . d. PhiPaSS Participant Browser (PPB) A system developed by Logica. The participants are required to enroll to SWIFT FIN Copy Service to allow them to transmit directly their PhilPaSS transactions to BSP’s LCSS/CAS for processing and settlement. FIN messages are comprised of structured headers. text and trailers. Security of transmission. and authenticity are ensured by means of: a. PAYMENT (GS SALE) . PAYMENT (USD SALE) (9:00AM – 5:45PM) BSP BRANCHES RTGS REGIONAL CASH TRANSACTIONS THIRD PARTY OPTION TRANSACTIONS (6:00PM) EFTIS REVENUE COLLECTIONS (9:00AM – 2:00PM) PCHC EPCS/ECCS INTERNAL TRANS OTHER TRANS AFFECTING DDA (3:30pm – 4:45PM) RS6000 AS/400 BUREAU OF THE TREASURY DELIVERY VS. both in transit and on system storage devices c. its core store-and-forward message processing service. delivery and message storage b.The following diagram shows the basic system components of PhilPaSS: PhilPaSS (RTGS) COMPONENTS SWIFT USERS SWIFT ALLIANCE SERVER (9:00AM – 12:00 NOON) NON-SWIFT USERS BALANCES (09:00AM) (9:00AM – 5:45PM) (9:00AM – 5:45PM) ELECTRONIC CASH WITHDRAWAL BEGINNING OF DAY CORE INTRA-DAY FINANCIAL cFAS ACCOUNTING SYSTEM (cFAS) TRANSACTIONS INTERBANK TRANSACTIONS (RTGS) CENTRAL ACCOUNTIN G SYSTEM PPS FRONTEND SYSTEM INTERBANK TRANSACTIONS (90:00AM – 5:45PM) ELECTRONIC CASH WITHDRAWAL (9:00AM – 12:00 NOON) MEGALINK ATM TRANSACTIONS (CAS) (9:00AM – 11:00AM) PSSC PAYMENT VS. Message validation 10 . dedicated. that conform to internationally accepted standards. The encryption of user data within the system. global communication network that supports a range of financial messaging services including FIN.Telerate & PDEx (9:00AM – 2:00PM) BSP-TREASURY DEPARTMENT BSP-TREASURY TRANSACTIONS (9:00AM – 5:45PM) BSP-CASH DEPT. FIN Copy is a message transmission service that has been developed to assist financial communities in the creation of centralized systems such as RTGS or Netting Systems. The service provides financial institutions with a wide range of message types for fast. It is a secure. CASH DEPOSITS BSP-DLC LOANS GRANTS & REPAYMENTS WHAT IS SWIFT AND SWIFT FIN COPY? SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. secure transaction and information processing and settlement. integrity. Their confidentiality. netting.Multiple customer credit transfer MT103 . MT102 . which it enhances by copying selected information to the third party. but not with users outside the CUG. unsettled payment information) MT920 . securities and other financial transactions. For example. b. business priority change request.General financial transfer MT205 . WHAT ARE THE STANDARD MESSAGE TYPES (MT) AVAILABLE FOR PROCESSING UNDER SWIFT FIN COPY BY THE MEMBERS OF THE CUG? The following are the standard message types that are available under SWIFT FIN Copy to members of the CUG: a.Payment inquiry request MT801 .Single customer credit transfer MT202 .Request for status of unsettled payments MT999 . The service may be used for the clearing. The second message authentication mechanism is based on bilateral key 11 .copied among its members. f. e. d. etc.Proprietary message type for various functions (i.WHAT ARE THE MECHANICS FOR THE IMPLEMENTATION OF SWIFT FIN COPY? The FIN Copy is implemented on a closed user group (CUG) basis and consists of: • • Participating financial institutions (FIN Copy users) Central Institution (responsible for clearing. flexible and secure way for the BSP to monitor and control financial transactions. A CUG has certain defined characteristics. communicate among themselves. i. g. a FIN Copy CUG may define various characteristics such as types of messages that may be FIN.) A CUG is a group of users who may.e. FIN Copy uses the facilities of the FIN messaging service. c. for certain types of message or service. Standard FIN messages use an authentication mechanism based on bilateral key exchange (BKE) between the sender and receiver. It allows the users to protect the origin and integrity of their message text by means of double authentication.Free format message WHAT IS THE SIGNIFICANCE OF SWIFT FIN COPY TO PhilPaSS? SWIFT FIN Copy provides a simple. netting and settlement of high value payments. settlement. h.Account inquiry request MT800 . cancellation request.Financial institution transfer execution MT298 . There are two (2) copying modes under SWIFT FIN Copy.W. T-Copy Mode FIN Copy copies to the Central Bank some or all of the contents of a FIN message that has been delivered to the receiver. FIN copy holds the message in temporary queue until the Central Bank sends the appropriate authorization or rejection.exchange between the Central Institution or Central Bank and the receiver.T Society for Worldwide Interbank Financial Telecommunications MT 096 MT 097 SWIFT BSP-HO ALLIANCE SERVER 225 AVERAGE TRANSACTIONS IN TO CAS OUT OF CAS CAS CENTRAL ACCOUNTING SYSTEM 12 . the sender and the receiver of the status of the transaction. 25 Leased line Dial-up Connection MT 012 or MT 019 MT 012 = Accepted MT 019 = Rejected BANK A BANK B MT 202 MT 202 S. The following diagram shows the basic flow of SWIFT messages that are being sent by a member of SWIFT CUG through the SWIFT network: SWIFT-CAPABLE BANKS in CUG (CLOSED USER GROUP) X.F.I. These are: a. The BSP is utilizing the FIN Y Copy mode of monitoring and controlling the financial payment instructions of PhilPaSS that are being transmitted through the SWIFT network. or the sender receives an abort notification. The Central Bank is responsible for advising. Y-Copy Mode FIN Copy intercepts the FIN message and then copies some or all of the information to a Central Institution or Central Bank. The two (2) authentication processes are both automatic in SWIFT and PhilPaSS to ensure the security of the payment instruction messages that are transmitted by the participants to the System. after which either the message is delivered to the receiver. b. by separate messages after the event. The relationship management aspect of BKE is replaced by a new. b. testing and maintenance of their Computer Based Terminal (CBT) for the SWIFT FIN Service Facility or PPS-FES to ensure uninterrupted linkage with the system and shall ensure that a back-up computer site configuration is available to recover the participant’s systems operations if its primary computer fails. users save time and effort in treating this traffic. Public Key Infrastructure (PKI) digital signatures replace the end-to-end authentication aspect of BKE. WHAT ARE THE ROLES OF THE PARTICIPANTS AND THE BANKERS ASSOCIATION OF THE PHILIPPINES (BAP). THE RURAL BANKERS ASSOCIATION OF THE PHILIPPINES (RBAP). and PFA The BAP. more powerful way to manage relationships. 13 . RMA offers more control than BKE including: • • • Who can send the user messages What they can send (which message types) When they can send messages The overall objective of RMA is to stop unwanted traffic at the sender.The BKE security mechanism is used to manage relationships with SWIFTNet Phase 1. INVESTMENT HOUSE ASSOCIATION OF THE PHILIPPINES (IHAP). in SWIFTNet Phase 2. they shall be responsible for ensuring that their member banks/financial institutions adhere strictly to the terms and conditions of the PhilPaSS agreement and PhilPaSS rules and regulations. BAP. SWIFT has designed RMA to be easier to use than BKE. It provides end-to-end authentication (proof of sender’s identity) and allows the management of relationships with correspondents. This helps protect the users against audit and regulatory compliance risks. CTB. RBAP and PFA were designated by their members to negotiate and sign the agreement for PhilPaSS and as such. and are less exposed to risks of wrongly processing such unwanted traffic. the Relationship Management Application (RMA) When SWIFTNet Phase 2 was completed in 2008. IHAP. By this. This is because authenticated FIN messages can only be exchanged if a valid bilateral key is established with a correspondent However. all SWIFTNet FIN users were mandated to use RMA instead of BKE to manage relationships. CTB. and helps to avoid fines and damage to reputation. CHAMBER OF THRIFT BANKS (CTB). Participants Participants shall be responsible for the upgrading. RBAP. AND THE PHILIPPINE FINANCE ASSOCIATION (PFA) IN THE OPERATIONS OF PhilPaSS? a. IHAP. the applicant shall be directed to re-submit its application after it has complied with the documentation requirements. there are no admission or membership fees for participation in PhilPaSS. The BSP’s Payments and Settlements Office shall advise the applicant on the other PhilPaSS admission requirements immediately after its initial review of the supporting documents submitted by the applicant. b. A wide-scale use of PhilPaSS is encouraged to promote overall financial stability. Participants. ARE THERE ADMISSION PARTICIPATION IN PhilPaSS? OR MEMBERSHIP FEES FOR Other than the qualifying requirements mentioned in the preceding section. All banks and non-banks with quasi-banking licenses are allowed to participate in PhilPaSS. PFA or the Philippine Clearing House Corporation (PCHC). If the application of a prospective participant is deferred due to deficiencies in documentation/requirements. An applicant is required to send its application for participation and a certification of good membership standing from the association where the institution is affiliated such as the BAP. CTB. RBAP.WHAT ARE THE REQUIREMENTS FOR ADMISSION OF NEW PARTICIPANTS TO PhilPaSS? a. IHAP. 14 . pay transaction fees for using the system. c. however. 999. 2008 February 1. Customer Transaction value IMPLEMENTATION DATE Fee per Transaction February 1.P100.100. 1851(2003) Via SWIFT . Payment vs.000 10.00 payments/transfers 8.00 per inquiry Via PhilPaSS Participant Browser (PPB) .000. 849 dated 2 July 2008) 5.P100. 47 (2008) TYPES OF FEES A.000 and Above February 1.1. Intraday Liquidity Facility Pending Implementation of the New ILF System March 2004 1. Administration Fees 15 . 849 dated 2 July 2008) • Phils.WHAT ARE THE APPLICABLE TRANSACTION AND OTHER FEES OF PhilPaSS? Effective 01 February 2008. 4. exclusive of SWIFT related costs) are as follows: New Fees MBR No.00.999. 2008 MBR No. Value x . 2008 1.00001 (Round to nearest Peso) 40.000 Php 5.001 .39.00001) OR P5. Manual processing of inter-bank transactions: RTGS/EFTIS B. Annual License fee • Electronic Fund Transfer Instruction System (EFTIS) FREE Effective July 2008 (MBR No. 2008 February 1. 5.001 . 2008 February 1.000. S O A Request (Printout) Via SWIFT .000.00 . 2008 February 1. 2008 400. Transaction fees 1. Other Fees P1.500.00 per inquiry Via PhilPaSS Participant Browser (PPB) . Payments FREE System-Front End System (PPS-FES) 6.FREE March 2004 February 2012 2.000. (Online) Transaction inquiries 4. Payment 3.00 . Interbank (Debits) 2.000. 6. Monthly Access/Connection Primary Back-up Fee • PCHC • MegaLink • PSSC FREE FREE FREE FREE FREE FREE Effective July 2008 (MBR No. (PVP) transactions – PFX Delivery vs.99 Ad Valorem Fee = Trans.FREE March 2004 3. Payment (DVP) transactions – BTrGS / FIE / Equities PCHC transactions (Win / Loss) ATM Network/MegaLink transactions Electronic Fund Transfer Instruction System (EFTIS) 7.00 1.00 FREE of Charge 101.00 500.00 + Ad Valorem Fee (TV x . the revised fees (for PhilPaSS transactions. whichever is LOWER February 1. the value dates should not be more than four (4) calendar days than the current value date of the system. SWIFT) P2. Transaction reference number Message type Value date Submitter’s network address (bank identifier code-BIC) b. iv. Audit Trail 16 . Installation of new/add’l workstations (excl. WHAT ARE THE IMPORTANT FEATURES OF PhilPaSS? The PhilPaSS has the following salient and built-in security features in processing its transactions: a. iii. Transaction Validation All settlement and payment instructions by participants are subject to verification to avoid possible duplication or unauthorized payments. Registration new users/profiles b.000. ii.000.00/workstation st (1 installation is Free of charge) WHAT ARE THE SYSTEM RULES AND REGULATIONS GOVERNING PhilPaSS? The system rules and regulations governing PhilPaSS are embodied in the Agreement for the Philippine Payments System via Real Time Gross Settlement (PPS-RTGS) and the Rules and Regulations Governing the Philippine Payments System via Real Time Gross Settlement that were signed and approved individually by the PhilPaSS participants.• EFTIS/PPS/SWIFT a. The following fields are normally validated prior to final settlement: i.00/user up to two (2) years March 2004 P5. If the transactions are future dated. IS THERE A LIMIT ON THE VALUE OR RESTRICTIONS ON TRANSACTIONS THAT CAN BE ENTERED IN THE PhilPaSS? There are no limits on the value or type of transactions that can be entered in the PhilPaSS provided both counter-parties are maintaining Demand Deposit Accounts in PhilPaSS and the value dates of the transaction are equal to the current business date of PhilPaSS. Its audit records contain the time and date of events and identity of the participant-bank who initiated the transaction. Rejected – transactions that are invalid due to abnormal business reasons (i. The System allows warehousing of payments of up to four (4) calendar days. Settled – transactions that were fully accepted. Warehoused – when the payment is received and the value date is greater than the current value date. Request for cancellation of payment instruction ii. Payment Queuing Prioritization Debit instructions that cannot be settled due to insufficient funds in the DDA of the participants will be held on queue until the system has checked that adequate funds are received by the DDA to allow settlement. Report on details of unsettled payments iii. iv.The system maintains sufficient information to resolve disputes regarding the processing it had performed on behalf of the participants and the BSP. account movements details) iv. Pending – payment had been on payment queue and settlement status for the payment is still in abeyance. Account inquiry message (account balance. iii. The transactions of the participants may have any of the following status: i. duplicate payment instruction. The system will send an automatic SWIFT advice for the details of the debit instruction that is causing the queue and the participants may then decide whether there is a need to change the business priority of the item in queue or cancel their other payment messages that are also in 17 . invalid payment instruction format). Pending debit instructions that are on queue will be settled based on business priority in the order of arrival or in First-In-First-Out basis.e. Request for status of unsettled payment e. incomplete BIC of counterparty. back-valued transactions. Transaction Status Verification Participants are able to verify the status of their settlement instructions request by initiating the SWIFT or PPS-FES Payment Inquiry Request. c. System Inquiries and Reports Participants may issue the following requests/inquiries and secure various reports through the system using applicable SWIFT/PPS-FES message types: i. processed and settled by the system. Payment inquiry request (details of debit or credit entries to the account) v. d. ii. PhilPaSS accepts transactions from its participants and third party systems providers.queue. From 9 am to 5:45 pm. g. PhilPaSS extracts the beginning balances of the Demand Deposit Account of each participant bank from the BSP’s Core Financial Accounting System which maintains the General Ledger of Accounts. At 8:55 am. Payment queues that are not settled in the initial gridlock resolution will be considered in the next processing of unsettled payments which will be initiated by the System every thirty (30) minutes to settle payments on queue during the PhilPaSS business day. Gridlock Resolution The system has the capability to initiate gridlock resolution through its algorithm method every thirty minutes whenever two (2) or more payment instructions of participants remain unsettled. Intraday Liquidity Facility (ILF) The system also provides the processing of ILF to ensure the continuous settlement of interbank transactions and to avoid payment gridlock in the system. Access procedures to BSP’s ILF System are provided for under a separate. Any participant who wishes to avail itself of the ILF will have to submit the required documentation to obtain approval from the BSP Treasury Department in coordination with the Bureau of Treasury (BTr). 18 . Participants may request the change in business priorities of their other critical and urgent transactions to allow their settlement if there is sufficient balance in their DDA. independent Memorandum of Agreement (MOA). HOW PhilPaSS WORKS? 1. f. PhilPaSS determines if there is adequate balance in Bank A’s DDA. PhilPaSS sends payment confirmation to Bank A and Bank B via SWIFT/PPB that transaction has been settled (debit/credit). Participants who need to settle obligations after the PhilPaSS cut-off time may send their transactions to PSO for settlement in the PSO manual settlement window. transactions that are still in transit at the time the system closes can still be accepted by PhilPaSS for processing as long as these transactions have been acknowledged by SWIFT/PPB. If DDA balance is sufficient. and transfer all the transactions to cFAS for posting to the General Ledger. 3. 8:01 a.m. 5. 6. In the settlement of each of the transactions in the data files received. PSO closes at 7:00pm after it has generated all the required reports and has performed other housekeeping procedures. Electronic message instructions are transmitted to PhilPaSS via SWIFT/PPB. To illustrate an interbank fund transfer or settlement of obligation of one bank with another bank. 4. During the same day. processes nos. Bank A sends electronic message to PhilPaSS thru SWIFT or PhilPaSS Participant Browser (PPB) to debit its Demand Deposit Account (DDA) and credit the DDA of its counterparty.m. 9:00 a. – 8:00 a. PhilPaSS automatically stops receiving electronic transactions at 5:45 pm.m. Bank B. WHAT ARE THE OPERATING HOURS OF PhilPaSS? Transactions in PhilPaSS are concluded by and among participants during the following timelines: TIMELINES ACTIVITY Back Value Window 7:30 a. However. 7. – 8:45 a.m. PhilPaSS settles the transaction. 2-4 above apply.m. The window for manual settlement is from 5:46 to 6 pm.2. At 6:05. data files from the third party service providers containing the net results of their operations are sent to BSP for settlement in the DDA of the participant banks. Posting/Settlement of PCHC AM Returns BSP/Interbank window for Losses in AM Returns RDDA balances (T-1) available on demand via EFTIS Current Day’s Window 9:00 AM Start of PhilPaSS business hours Beginning balances generated for PhilPaSS-RDDA 19 . PhilPaSS generates the ending balance of the DDA of each bank. i.. 3 3. Before 9:00am on the same date as effectivity 4. BTr and other BSP departments) 4:45 PM – 5:45 PM 5:46 PM . PSH-PvP. Under bad weather conditions. If the declaration is received by the BSP prior to or on the same day as the date covered by declaration: Time of Receipt of Announcement 1.e.6:00 PM 6:00 PM Up to 6:15PM.GS DvP transactions 4:00 pm .e. Under good weather conditions b.eDVP/Repo transactions 5:45 pm . Following are the cut-off times set for particular transactions: 11:00am . PhilPaSS window for manual settlements. Before 9:00am of Day 2 (Day 2) Open 1:00PM 20 Suspended.ATM transactions 12:00 noon . On an ordinary business day prior to the date of effectivity 2.PSH . if any.BSP-ECWS 4:00 pm . banks can inquire their balances in PhilPaSS either through SWIFT MT920*/950 or PhilPaSS Participant Browser reports.PCHC-EPCS/ECCS. On a Saturday or Sunday to take effect the following Monday or on a non-working holiday to take effect the next business day a. to be resumed the following day at 9:01am to 9:45am Open Closed. the following policies will be observed by the BSP and PhilPaSS participants: a. Typhoon signal no.BTr . In case of suspension of work is extended to Day 2 a.Regular window for same day interbank transactions Posting/settlement of other RDDA transactions (i. BSP-RP/RRP. After 9:00am on the same date as effectivity (Day 1) PhilPaSS Closed Check Clearing No settlement Treasury Window Closed Open Normal Open Closed No clearing Closed √ Closed No clearing Normal Closed √ (Day 2) Open 1:00PM Normal Closed No settlement 5. Day 1 transactions Non Reserve Reserve √ √ √ √ √ . Interbank Borrowing/Lending Trading and settlement for end-of-day liquidity and reserve positions During the day. PhilPaSS Close of Business Final copy of PhilPaSS-RDDA balance via MT950 *request of statement thru MT920 will generate MT941 or 942 In the event that a non-working day for government agencies but not for banks is declared. 4:455:30 for same day transactions Resumed from 9:019:45am (for value Day 1). After 9:00am of Day 2 (Day 2) Open Normal (Day 3) Open Normal Open Normal In case the suspension if work does not apply to all gov’t offices (Manila Day. to start at 1:00PM instead of 9:00AM). If work suspension is extended up to the next banking day. then.e. there will be a maximum four (4) hour delay in the system opening of the next banking day (i. Peso-US Dollar trading shall also be available unless jointly suspended by the BSP and the BAP. Quezon City Day) will be moved to Day 3 (for value Day 1) Resumed from 9:019:45am (for value Day 1) Then. banks shall close. c. There will be no clearing and it will be considered a Non-Reserve day. Transactions will be valued the next banking day. but they may opt to conduct over-the-counter transactions. 4:45pm to 5:30pm for same day transactions Open √ √ √ √ b. The BSP may suspend the BSP trading and settlement windows as the need arises under abnormal situations. d. CAN A PARTICIPANT REQUEST THE REVERSAL OF ITS SETTLED TRANSACTION IN CASE AN OMISSION OR ERROR WAS COMMITTED IN THE TRANSMISSION OF ITS PAYMENT 21 .(Day 3) 6. e. Then. Since the prior day’s end-of-day procedures will be performed on the following banking day from 9:00AM to 1:00PM.. Day 2 transactions suspended to be resumed the following day from 9:01am to 9:45am Resumed from 9:019:45am (for value Day 2). Open Normal b. IN THE EVENT THAT PhilPaSS IS INOPERABLE. HOW CAN A PARTICIPANT TRANSMIT ITS PAYMENT INSTRUCTION TO PhilPaSS IN CASE ITS SWIFT COMPUTER-BASED TERMINALS OR PPS-FES ENCOUNTER CONNECTIVITY PROBLEM WITH PhilPaSS? The participants may resort to manual settlement by accomplishing the PhilPaSS COB Manual Settlement Form and transmit the same (via fax) to BSP-PSO for processing and settlement.. INCORRECT COUNTER-PARTY.e. All PhilPaSS participants will be duly advised through SWIFT and PPS-FES message/advisories on the contingency plan(s) that the BSP will initiate in case PhilPaSS’ primary site is encountering technical problems. the BSP-PSO shall return (via fax) the processed PhilPaSS COB Manual Settlement Form to the sending participant-bank indicating that the requested manual instruction settlement has been effected. In case the two back-up systems are also inoperable due to extraordinary circumstances. Participants are therefore not allowed to request the reversal of their erroneous transactions from the BSP Payments and Settlements Office. OVERSTATED AMOUNT)? All transactions settled in PhilPaSS are considered final and irrevocable. Participants may request for the cancellation of their payment instruction through the standard SWIFT/PPS-FES message format SMT200 if the payment instructions are still unsettled and pending in the system. FOR INQUIRIES RELATED TO PhilPaSS? The banks/financial institutions may contact the following departments/ units in BSP for any operational problem/issues/queries related to PhilPaSS: 22 .INSTRUCTION (i. the local back-up facility within the BSP Complex and the off-site location that can be made operational immediately in the event that the primary site is inoperable. i. WHICH BSP DEPARTMENT CAN THE BANKS/FINANCIAL INSTITUTION CONTACT FOR REFERRAL AND ASSISTANCE. the BSP can activate its existing Electronic Fund Transfer Instruction System (EFTIS) to allow the participants to send their interbank instructions to BSP for processing and settlement. signature-verification.e. After processing and settlement. HOW WILL THE PARTICIPANTS TRANSMIT THEIR PAYMENT INSTRUCTIONS TO THE BSP FOR PROCESSING AND SETTLEMENT? PhilPaSS has two (2) back-up systems. encoding and authorization. Santos 708-7542 . 400-7071 400-7073 400-7022 400-7024 400-7062 523-3756 .Bella S.ph .ph
[email protected] Help Desk Nos. and other inquiries BSP Payments and Settlements Office .gov.gov.Leticia A.Remedios C. settlement.gov. Barroga For system/hardware and technical matters Information Technology Sub-Sector .gov. Rigodon 302-4191 23 nrigodon@bsp. Turaray 302-4184 523-3756 bsantos@bsp. Francisco .ph For payment.Ma.Help Desk e-mail:
[email protected] C. Macapinlac .For policy and operational matters BSP Payments and Settlements Office .Eleanor S. Victoria H.
[email protected] 894-7451 gabby.jimeneo@chinatrust. Escoto Bank of the Philippine Islands BOPIPHMMTRY Corazon S. Benjamin A.ph 848-6300 loc.ph 635-0458
[email protected]@jpmorgan.com.ph 815-5600 henry.com 811-5807 .com.rodriguez@asia. Lugo CitiBank Treasury Unit 0043ITIPHMXTSU Gabriel R. Torres Bangkok Bank Public Company Ltd BKKBPHMMXXX Phisit Charoenphan Bank of America NA Manila BOFAPH2XXXX Henry T.com 885-0111 loc 105/103
[email protected]@db.ph
[email protected]@bankofamerica. Espinosa Bank of Commerce PABIPHMMXXX Wilma M. Pambid Ramona T. 123
[email protected] 247-5353
[email protected] 581-7072 / 73 glennmoneda@hsbc. Valdellon Chinatrust Phil Commercial Bank CTCBPHMMXXX Oliver D.ph 885-5207 dapvaldellon@chinabank. Moneda Jun C.l.com.ph 816-9188 cstumbocon@bpi. Ordoñez Hong Kong and Shanghai Bank HSBCPHMMXXX ING Bank NV INGBPHMMXXX Glenn S.com. Taopo Diana Juguilon Fernando S. BOTKPHMMXXX Julieta D.com 830-8992 mbordonez@eastwestbanker. Mañago BDO Private Bank BOPBPHMMXXX Oscar C.com. Rodriguez Mamerto
[email protected] 479-8828 banjo.com 810-0616 wmscoto@bankcom. Los Baños ANZBPHMXXXX Lora E.ph 848-7156 oliver.ph 752-0333 bangkokbank@bbl. 129 ocp@pb. Tomas Wilfredo
[email protected] 878-1187 irene.com 894-6696 christina. Tan Isabelita M.ph 848-6296 manago_racquel@pb. Papa Zita
[email protected] 886-7371 loc 401 juliet_taopo@ph. Pelaez Bank of China Manila Branch BKCHPHMMXXX Dong Xiao Xia Marina B.mufg.ing. Lopez BNORPHMMXXX Ruby A.bdo. Natividad JP Morgan Chase Bank CHASPHMMXXX Irene L.com. Santos III China Banking Corporation CHBKPHMMXXX Wilfredo L.com. Trinidad Deutsche Bank AG DEUTPHMMXXX Christina I.ph 530-5443 479-8777 efren. Chua Racquel D. E-mail Address 816-5541
[email protected] 894-6845 wilfredo.ph 894-7150
[email protected] 894-7340 vivien.com.bdo. Jimeneo Citibank NA Manila Branch CITIPHMXXXX Joanna S.com 878-1169 mert. Garcia Mega International ICBCPHMMXXX Dorian Wu 24 Tel.com 840-7000 loc 8200
[email protected] 848-6300 loc. Paraiso Vivien I.ing. Lara East West Banking Corporation EWBCPHMMXXX Martin B. No.PhilPaSS PARTICIPANTS UNIVERSAL BANKS Name of bank BIC Allied Banking Corporation ABCMPHMMXXX Asia United Bank Corporation AUBKPHMMXXX Australia and New Zealand Bank Banco De Oro Universal Bank Contact person Melita C. Tumbocon Bank of Tokyo Mitsubishi Ltd. Sy David Andrew P.jp 886-7415 885-5677
[email protected]@asia.com.ph 818-8117 lopezm@anz. Santos Efren Reyes. Ltd. Asiatrust Development Bank ASDVPHM1XXX Maria Patricia L.com. 239 sylvia. Mangerra Teresita S. RCBCPHMMXXX Robinsons Bank Corp.ph 524-9061 ptc@philtrustbank. Cabreros Dennis G. MBTCPHMMXXX Eduardo C. Ozaeta Rizal Commercial Banking Corp. Valles
[email protected] 831-3257 cruzts@pnb. Garces Vivien
[email protected] 811-9303
[email protected] 894-9036 tdgarces@rcbc. Cruz Josefina T. Joves fjoves@mail. Suico Metropolitan Bank & Trust Co. Oliva
[email protected] 713-6585 . Nurzalyn
[email protected]@metrobank.
[email protected] 898-8940 eduardo.com 702-9500 loc.com THRIFT BANKS Bank Allied Savings Bank BIC ASTBPHM1XXX Contact person Jaime L.ph 888-7329
[email protected] 810-3023 / 812-9427 DBPHPHMMXXX Dionisio Sarmiento.ph 878-2875 ng. Ladjabassal 816-4260 (Treasury) nhladjabassal@al-amanahbank. Macasaet Mardonio C.ph 526-3040
[email protected] 860-3500 tetsuharu. Ramirez Angel O. RBSPPHM1XXX Sylvia Herrera Security Bank and Trust Corp.G.com 638-0323 junc@unionbankph. SETCPHMMXXX Belen W.co.landbank.ph 857-5376 dennis. Alonto 816-4259 (Accounting)
[email protected]. Alba Korea Exchange Bank KOEXPHMMXXX Olivia Joves Maybank Philippines Incorporated MBBEPHMMXXX Esperanza B.com 893-1439
[email protected] ALAMPHM1XXX Maharlika J. 123 ebcabreros@maybank.
[email protected] SPECIALIZED GOVERNMENT BANKS BIC Contact person Tel.kr 523-7777 locs.ph 405-7528 Merceditas N. Pagaspas Mizuho Corporate Bank MHCBPHMMXXX Philippine Bank of Communications CPHIPHMMXXX Philippine National Bank PNBMPHMMTOD Tetsuharu Ishizuna Angel M.com. Salcedo Carolyn R.com 667-6425
[email protected] Bank Co.kr 848-0101 loc 207 & 208
[email protected] 893-3364 acmangerra@pbcom. Garcia ONSTPHM1XXX 25 Tel.com. Corpus Aurora C.com. No.ph 898-3837 angel.standardchartered.ph 924-5685 / 924-5639 mplsalcedo@asiatrustbank. Au Standard Chartered Bank SCBLPHMMXXX Seow Pang Union Bank of the Philippines UBPHPHMMXXX United Coconut Planters Bank UCPBPHMMXXX Bank Al Amanah Islamic Bank Development Bank of the Philippines Land Bank of the Philippines Teofila D.com.ph 751-8590 jgnazario@veteransbank. Cervantes Doris Pagsisihan Arnel
[email protected]. E-mail Address 812-8352
[email protected]@.com tpu@asiatrustbank. Cristina L. Nazario Philtrust Bank PHTBPHMMXXX Antonio H.ph 848-0101 loc 207 & 208 kebmanila@keb. Fullante Philippine Veterans Bank PHVBPHMMXXX Joselito R. del Bariio. Emelita S.com TLBPPHMMXXX 405-7235 Fely E. No.com.com 894-9886
[email protected]. Jr. Corro Bank One Savings & Trust Ma. 5651
[email protected] Palawan Development Bank PWDBPHM1XXX Eric A.com 885-8241
[email protected] 706-0477
[email protected] .ph (034)432-3720 loc 112
[email protected]@thepalawanbank.ph (038)411-5045
[email protected] 885-8367
[email protected] 845-5304
[email protected] 777-8686 arlene.com.ph 864-5067 / 988-5555 loc. Tan Century Savings Bank CENSPHM1XXX Josephine Ty Chua Chinabank Savings MABCPHM1XXX Rafael V. Aplaon Equicom Savings Bank Dorothy Jacinto
[email protected] 896-2655 / (049)531-3700
[email protected] (044)641-1747
[email protected] [email protected] 894-9000 loc 1290 mfsuarez@rcbc. FIOOPHM1XXX Sereno S. D. Aotriz Merchant Savings and Loan Association Microfinance Maximum Savings Bank (Maxbank) Optimum Development Bank Pacific Ace Savings Bank bankone_tsy@tri-isys. Antazo PATBPHM1XXX Rosario B. Suarez MXTBPHM1XXX Ms. Velasco Herman C. Sr. 127 yango@equicomsavings. BDO Elite Savings Bank GEMBPHM1XXX Arlene Joan T.treasury@gmail. Montojo HSBC Savings Bank HSBSPHM1XXX Glenn S. Peñol Luzon Development Bank LUDVPHM1XXX Tita O. Taotjo OPDBPHM1XXX Mary Anne B.com.com.com.com 840-4014 / 840-4007 erpeñ
[email protected] [email protected] 754-6743 lmperalta@bpi. Acoba Citibank Savings CSINPHM1XXX Belen M. Gomez Jay S. Morales MRCBPHM1XXX Marilyn F. Sarabia GSIS Family Bank GSISPHM1XXX Reynan B.ph 6374195
[email protected]@citi. Cruz Isla Bank ISTHPHM1XXX Elsie R. Yango 815-1049-53 loc.com.ph 722-8714
[email protected] 581-7072 / 581-7073
[email protected] Romali
[email protected] 910-4780 to 87
[email protected] 995-9259 paw.ph 884-7600 loc. Dungganon Bank DBTBPHM1XXX Syrel Z. Dimayuga BPI Family Savings Bank BPFFPHM1XXX Lucinda M. Robillos First Consolidated Bank. Salazar Planters Development Bank PLDEPHM1XXX Linda C. Peralta BPI Globe BanKO BGTBPHM1XXX Teresita B.ph rose. Mondragon Penbank (A Private Development Bank) PBTBPHM1XXX Brainard F. Agustin BPI Direct Savings Bank BPDIPHM1XXX Raul D.com. Sy. Lorna
[email protected] (048)433-2489 head.com. Olavario Dumaguete City Development Bank DCTBPHM1XXX Julio O.com 423-6641 belen.com.com.com.ph 840-2419
[email protected]. Rodil Philippine Postal Savings Bank PHPSPHM1XXX Reynaldo C.com (043)287-3480
[email protected] 527-9570 postalbank.ph 363-3333 loc.com (083)552-8788 bfrapisora@penbank. Eustaquio Philippine Savings Bank PHLSPHM1XXX Noli S.ph ESBBPHM1XXX Racquel G.aotriz@pacific-ace. Dulay Kristine C. Rapisora Philippine Business Bank PPBUPHM1XXX Alice P. Isleta Malayan Bank SMB MAARPHM1XXX Ma. Yu 26 robillos@equicomsavings. Moneda Hiyas Banking Corporation HBTBPHM1XXX Marilyn R. Yujeco City Savings Bank CTSBPHM1XXX Linda Flor P. Hortezano Citystate Savings Bank CTYSPHM1XXX Edgardo O.com. Lourdes A.com (035)225-3891 / 225-3892 / 422-9223 -94
[email protected] 840-1811
[email protected] (032)412-1747
[email protected] 584-1492 mbantazo@optimum. com (032)272-9981 / 462-2011
[email protected] SBAIPHM1XXX Desiree ManlapazGuerero Florenda C.ph 845-3837 / 845-3838 loc. Tan BHF Rural Bank BHRBPHM1XXX Reynaldo B. RTRBPHM1XXX Edwin S.ph 894-9000 loc 2347
[email protected] (054)513-9113 / 513-9376 brpasacao@rbap. BFRBPHM1XXX Atty. Goh Roehl O.com 6700-8878 relos. Inc. Jr. Bangko Kabayan BKRBPHM1XXX Cherry Lou F.ph 535-6120 jtsulit@sterlingbankasia. Maquiling maquiling@rcbcsavings. Reyes United Overseas Bank Philippines UOVBPHMMXXX World Partners Bank WRDPPHM1XXX Gerardo Munarriz David C.com.com. Inc.com (043)311-1420 cherrlou. Guerrero Crown Bank CWRBPHM1XXX Reynaldo V. Sulit Sterling Bank of Asia.com. 667-3022 / 667-3021 josefina. Bonifacio Cebuana Lhuillier Rural Bank CLRBPHM1XXX Rosalinda O. No. TYBKPHM1XXX Belen E.com. Matias Classic Rural Bank CSRBPHM1XXX Rustica E. Bondoc 27 Tel. Cabawatan Security Bank Savings PRDEPHM1XXX Vilma U.com 535-6143
[email protected] 843-2060 shirlvic_tan@yahoo. Muyco.com (072) 242-0495 to 96
[email protected] (033)336-8052 to 56 loc 119/120 treasury@queenbank. Inc. Fojas Bank of Florida. Badua Balanga Rural Bank BARBPHM1XXX Rose Ann Villanueva Banco Rural ng Pasacao PSRBPHM1XXX Carlos F. Dumlao 894-9000 loc.com.com (033)335-0355
[email protected] 853-0394 to 96 vuconstantino@premierebank. Gonzalez Tong Yang Savings Bank Inc. Monegas Queen City Development Bank QCDFPHM1XXX Alicia G.com. Velasco Banco Santiago de Libon BSRBPHM1XXX Lenieza S. Asuncion UCPB Savings Bank UCSVPHM1XXX Evangeline P.com (045)963-5288 to 90 bankofflorida@rbap. E-mail Address (044)945-0030 / 945-0037 farmbank_ho_1995@rbap. Sangrador Jo-Anne C.ph 473-6002 – Manila / (046)417-3366 rmatias@pjlhuillier. Noche Sun Savings Bank SUSBPHM1XXX Augusto S. 1230
[email protected]. Mendoza ddmendoza@rcbcsavings. E.bacia@bangkokabayan. Laqui Bank of Makati BMRBPHM1XXX Shirley O.303 belena@tongyang. Constantino Joseph T.com 535-6129
[email protected] m.ph 738-7759
[email protected] Rosemarie B.com RCSBPHM1XXX Cristina F. Dancel Country RB of Taguig TARBPHM1XXX Raul T. Chan RCBC Savings Bank Ma. Dorothy D.com 920-4526 / 927-4174 rtcabawatan@realbank. ph (046)489-2001 to 04 info@bangkomabuhay. Comia Cooperative Rural Bank of Bulacan CBRBPHM1XXX Emilie P.ph RURAL BANKS Bank BIC Contact person Aliaga Farmers Rural Bank AFRBPHM1XXX Judy L.ph 811-9082
[email protected] (052 486-2828 Bsdl1973@yahoo. Villalobos Real Bank RLBKPHM1XXX Raquel T.com (043)723-5554
[email protected]@uob. Secreto Banco San Enrique (A Rural Bank) SERBPHM1XXX Arturo P.Producers Savings Bank PSTBPHM1XXX Josefina S.org 237-2820 / 237-2651
[email protected] 6700-8686 868-8167 rodumlao@worldpartners. Elisa M.com.com (045)652-0006
[email protected] (044) 670-0858 / 795-1544 epdancel@crbbulacan. Bacia Bangko Mabuhay. Hubert E. Edeza Cyren L.com (054)447-3020 / 440-1432 rbsanvicente@rbap.” PBRBPHM1XXX Imelda D. Torres Rural Bank of Liloy LLRBPHM1XXX Ms. Rico FIRBPHM1XXX Atty. Tachagon Rural Bank of Oton (Iloilo). de la Cruz Rural Bank of Miagao MLRBPHM1XXX Rey
[email protected] (044) 940-6000
[email protected] (033) 337-1702 nina@rbankoton. OTRBPHM1XXX Rural Bank of Pagbilao RPRBPHM1XXX Don Martin Glorioso PIRBPHM1XXX Rodolfo D.ph (044) 486-5572.org (043)756-2411 loc 204 lipabank@yahoo. Inc. Myrienn L.org (065) 212-9807 ebh.org (082)234-3631 onrbi@onenetworkbank. Magalona Alma T.486-2702 rbjaen@rbap. Flores Rural Bank of New Washington (Aklan). Nisce Rural Bank of Abucay ABRBPHM1XXX Romeo T. Dizon Janiuay Rural Bank JARBPHM1XXX Ma. Barredo Katipunan Bank (Zamb del Norte).com (033) 531-8430
[email protected] (054)511-8178 / 451-2184 mrblibmanan@rbap. CMRBPHM1XXX Rosemarie N. Rural Bank of San Vicente 28
[email protected] (042)710-3182 ebsaculles@qcrblive. Orpiada Rural Bank of Guinobatan GURBPHM1XXX Paulo R. Balandra Maria Ramona P. WNRBPHM1XXX Raul D.or g (042)731-1380 rbpagbilao@yahoo. ( A Rural RCRBPHM1XXX Bank) Janette Garin-Colada Rang-ay Rural Bank RARBPHM1XXX Ives Q. III Enterprise Bank EBTBPHM1XXX Lourdes S.com/
[email protected] (72)242-5661 to 63
[email protected] (052)480-0801
[email protected] (043) 726-2602 limcomarb@rbap. Inc. Sisor Rural Bank of Limay LMRBPHM1XXX Nory F.org (047)244-4501 / 243-8462
[email protected] (033)347-1924 rbcalinog@yahoo. Inc. Inc.com.”A Rural Bank “ KTRBPHM1XXX Leticia G. Rural Bank of Camalig (Albay).org (078)307-0998 / 307-0940 emil@yahoo. Molina First Macro Bank (A Rural Bank) FMRBPHM1XXX Arlene B.org (033)315-8005 / 513-7716
[email protected] Isabela Cooperative Bank Emilio U. Yap.com (052)484-6439
[email protected] (065)311-1022 rbliloy@rbap. Gomez IV Guagua Rural Bank GGRBPHM1XXX Iluminda M. Malinao One Network Bank NWRBPHM1XXX Alex V. Buenaventura Planbank “Rural Bank of Canlubang Planters. Jian L. randy_yap@yahoo. 791-5398 rbpilar@rbap. Dalisay Quezon Capital Rural Bank QCRBPHM1XXX Evelyn B. Inc. Saculles Racso’s Bank.com 237-2560.com (02)847-6569 (044) 693-3451
[email protected] . Inc. Gustilo Rural Bank of Calinog (Iloilo).ph (045) -901-0234 idizon@yahoo. Rural Bank of San Jose (CamSur). Inc.arlene@gmail. Valle Lipa Rural Bank LBRBPHM1XXX Paulynne Rose G.com
[email protected] 642-1620 loc.org (036)264-3355 / 264-3358 rbnewwashington@rbap. Inc.com (033)315-5005 / Fax (033)315-5582 racbankguimbal@yahoo. Monasterio SVRBPHM1XXX Catherine D. Honrado Rural Bank of Jaen JNRBPHM1XXX Joel Dasig Binuya Rural Bank of Jose Panganiban JPRBPHM1XXX Roberto V.org (054)731-1046 / 731-1138 Rbjpinc-jpcnorte@yahoo. dela Rosa First Midland Rural Bank FDRBPHM1XXX Rodolfo P. Loquinario Limcoma Rural Bank LCRBPHM1XXX Menie B.com (047)244-4145 bancoabucay@yahoo. Go Municipal RB of Libmanan LIRBPHM1XXX Nordita B.ph (049)545-7094 to 96
[email protected]. Cataquiz Gateway Rural Bank GWRBPHM1XXX Jeditte Margaret Coloma GM Bank GMRBPHM1XXX Tomas S. Torres Rural Bank of Pilar (Bataan). 112 1stmn. Pizarro SIRBPHM1XXX Tim James L. Tumalad CIRBPHM1XXX Lirio A.com (033)530-9027 / 396-0737
[email protected] (054) 472-3295 bankofsanjose@yahoo. Inc. Limcaoco BPI Card Finance Corp.com Maribeth Rosales 898-7392 mrosales@metrobankcard. FMLFPHM1XXX First Metro Investment Corporation FMICPHM1XXX Metrobank Card Corporation Multinational Investment Bancorporation Orix Metro Leasing and Finance Corporation Philippine Commercial Capital Inc.com 242-6888 / 242-1140 stateinc@info. Lovella A. Palatino Carissa Panlaque 811-0095 / 817-1511 loc.Rural Bank of Sasmuan SMRBPHM1XXX Geraldine S.ph stategroup_cashdepartment@yahoo. Trinidad Valiant Bank VBRBPHM1XXX Zambales Rural Bank ZMRBPHM1XXX Rural Bank of Sipocot (Camarines Sur).ph 845-3406 rbgutierrez@rcbc. Hener C. Barcenas Irma E. BPCNPHM1XXX Ms. Tang First Malayan Leasing & Fin. Nilo Tiaong Rural Bank TORBPHM1XXX Carlo Angelo T.ph 884-5034
[email protected] 816-9519 bpi_ucad_regulatory@bpi. Gutierrez RCBC Capital Corporation Tel. Bongat Judith B.mondia@pccigroup. 605-0327 signabank@rbap. E-mail Address RCCOPHM1XXX Jaywin R. Garlitos 29
[email protected]@toyotafinancial.com. Santos PHCBPHMDXXX Eleanor S.com. 131
[email protected] om 756-7423 sally. Ignacia (SIGNA Bank) Maria Thelma Louella M.214 operations@mib. Sylianteng BPI Leasing Corp BPLIPHM1XXX Samuel C.ph NON-BANK QUASI BANKS Bank BIC Contact person AB Capital and Inv.ph BSP OFFICES Department/Office BSP Payments and Settlements Office BSP Provident Fund Office BIC Contact person Bella S. No. Limpin SPRBPHM1XXX Milagros C.ph 858-8835
[email protected]. E-mail Address 708-7542
[email protected]. Faustino (045)900-2507 / 434-0636
[email protected] 243-3058 danny.ph 302-4184 eturaray@bsp. Katigbak OXNBPHM1XXX Edna L.com MCNBPHM1XXX MUIAPHM1XXX Evelyn D.ph 816-9758 sctang@bpi. Corp.com 894000 loc 2218
[email protected] Annalyn T.ph 756-7431 carissa. Belmonte.com. Inc. Turaray Victor G.com.ph 525-0765 vgarlitos@bsp. Enriquez BPI Capital Corp BPAPPHM1XXX Teodoro K. Florin SIRBPHM1XXX Roman L. Mondia PDTCPHM1XXX Teresa N.ph (033)338-3524 / 336-8440 Mtlmg033@yahoo. Japson Danilo G.com.com.com. Olondriz 898-7559
[email protected] 816-9612
[email protected] 813-3423 / 815-0628 loc. 140 willie. Mina State Investment Trust Inc. Luisa O. Napilay Ruth B. Philippine Depository & Trust Corp.ph . CAVPPHM1XXX Ricardo
[email protected] (045) 605-0058. Guillamas Maria Leonora C. TNBKPHM1XXX Ma.org (042)652-1950 / 545-8450 catrinidad@trbi. Layosa PCCIPHM1XXX Willie G. Rural Bank of Sta. Ysabel P. Famy 898-7082
[email protected]. Corp.com (054)256-6011 rbsipocot@rbap. Ma.gov.org (045)963-3620
[email protected] (047)223-4964 / 222-2678
[email protected] 810-9668 loc 121
[email protected]. No.com. STIVPHM1XXX Toyota Financial Services Phils. Jr San Fernando Rural Bank SFRBPHM1XXX Mr.gov. Enriquez Rosalie R.ph 8109660 loc.com.
[email protected] 884-5025 baby_delacruz@pds. 522-8122 loc 204
[email protected] 856-8190. No.com 892-1046 jmt@megalink. Tantan 30 Tel.ph 886-1348 ed. E-mail Address 527-3183.katigbak@pchc. Katigbak. Mendiola Philippine Clearing House Corporation Eduardo J.ph .CB Housing Fund CB Provident Fund CB Car Plan Fund CB Housing Fund III CB Longevity Trust Fund PFO Cebu Pacific Ticketing CBPHPHM1XXX CBPFPHM1XXX CBCPPHMIXXX CBHTPHM1XXX CBLTPHM1XXX CBCEPHM1XXX THIRD PARTY SYSTEM PROVIDERS Agency/Department/Office BIC Contact person Bureau of the Treasury Eduardo S.gov. Jr. Philippine Dealing System (PDS) Baby dela Cruz BancNet Elmarie Reyes MegaLink Jennifer M. 856-8196 emmie.com. (Discussion paper Series No.REFERENCES Bank for International Settlements – Committee on Payment and Settlement Systems. Settlement Accounts. March 2000 SWIFT. Agreement for the Philippines Payment System via Real Time Gross Settlement (PPS-RTGS).bis. 2001 <www. November 2000 Bank of England.org> Bank for International Settlements – Committee on Payment and Settlement Systems.org> Bangko Sentral ng Pilipinas. Rules and Regulations Governing the Philippines Payments System Via Real Time Gross Settlement (PhilPaSS) SWIFT. SWIFT FIN Copy Service Description.bis. Oversight of Payment Systems. SWIFTNet Messaging Service – SWIFTNet RMA Service. Mario. November 2002 Lamberte. Core Principles for Systemically Important Payment System. The Philippine Payment System: Efficiency and Implications for the Conduct of Monetary Policy. 2001-20) 31 . 2003 <www. A glossary of terms used in payments and settlements system. March 2008 Bank of England. 2002 Bangko Sentral ng Pilipinas.