BSP onboards first non-bank e-money issuer in real-time settlement system

OmniPay no longer needs an existing RTGS participant to sponsor their settlement.

The Philippines announced that it has onboarded OmniPay as its first non-bank electronic money issuer (EMI) in its real time gross settlement (RTGS) payment system.

Through this, OmniPay can now settle high value transactions safely and instantly through the BSP-owned and operated PhilPaSSplus.

OmniPay is also the first nonbank EMI licensed and supervised by the BSP.  

“Giving nonbank electronic money issuers access to the RTGS system is in accordance with the National Payment Systems Act, said Mary Anne Lim, Assistant Governor to the Bangko Sentral ng Pilipinas (BSP) and head of the BSP’s Peso RTGS Management Committee. 

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This paves the way for a more inclusive national payment system, by allowing nonbank financial institutions to make efficient and low-risk funds transfers without an existing RTGS participant sponsoring them into settlement, BSP said.  

There are now 236 institutions using the PhilPaSSplus to settle large value transactions and retail payment clearing results arising from ATM, InstaPay, PESONet, and check transactions, the BSP shared. 

These institutions include universal and commercial banks, thrift banks, rural banks, digital banks, Nonbank Quasi-Banks (NBQBs), Clearing Switch Operators (CSOs), Financial Market Infrastructures (FMIs), and with OmniPay’s participation, nonbank EMI participants.