BSP launches fully automated intraday settlement facility
Central bank aims to ease gridlocks in fund transfers via its real-time gross settlement system
The Philippines’ central bank and finance ministry have launched a fully automated intraday settlement facility to streamline transactions for financial institutions.
The facility went live on June 27, according to a statement issued by the Central Bank of the Philippines (BSP) on July 22.
All eligible institutions experiencing “timing mismatches” when settling transactions through the BSP’s peso real-time gross settlement payment system, known as PhilPassplus, can access the new facility.
The
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