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Philippines central bank proposes digital fund transfer rules

The Bangko Sentral ng Pilipinas (BSP) has proposed guidelines aimed at protecting consumers in the event of issues with digital transactions. As part of the National Retail Payment System framework, these rules pertain to dispute resolution and reconciliation for electronic fund transfers. The BSP stressed the importance of efficient consumer recourse mechanisms, stating these will build confidence in online payment services. The guidelines, which are open for stakeholder feedback until June 28, will cover domestic payments, including goods and services payments and fund transfers. According to the proposal, BSP-supervised institutions must have systems in place to identify unsuccessful fund transfers and inform all parties involved of any issues.


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