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Reporting standards for payment operators
Lawrence Agcaoili (The Philippine Star) – January 2, 2021-12: 00 am
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is implementing regulatory reporting standards for payment system operators as it intensifies efforts to transform the country from a cash-rich to a cash-poor economy.
The BSP has published the draft circular and key stakeholders have until January 29 to submit their comments.
The proposal requires payment system operators to submit reports that are accurate, complete, and timely in order to be deemed to meet BSP reporting standards.
“Inputs to reports need to be validated to ensure accuracy and completeness. The reports will reflect all the information required by the BSP. Furthermore, reporting will be done within the time frame prescribed by the BSP, ”said the BSP.
The central bank also said that a payment system operator needs to implement a reporting system that has the following capabilities under both normal and stress conditions.
He said the reports should include all material data from various lines of business, entities, services, instruments and other groupings that are relevant to regulatory reporting.
Operators, the BSP said, should establish a management information system, data architecture, and technology infrastructure that fully support reporting requirements and facilitate independent internal validation prior to reporting.
In addition, there should be documented policies and procedures that establish the standards and processes for generating high-quality internal and external reports, as well as a periodic independent review of the reporting processes and procedures to ensure their continued reliability and effectiveness.
“Such evaluation will be carried out by competent persons with experience in information technology, data and relevant regulatory reports,” said the BSP.
The BSP said that there should also be procedures to implement modifications in the reporting processes, in order to incorporate corrective measures and / or improvements with the purpose of addressing the weaknesses identified during periodic reviews, responding to changes in the operating environment or complying with new regulatory reports. requirements.
“Protocols that ensure timely reporting to the board and senior management of significant transactions, events, or activities that have a material impact on the quality of the reports,” he said.
The BSP said that the oversight department would carry out a quality assessment of a payment system operator’s reporting system to determine the accuracy and completeness, as well as the completeness and timeliness of its regulatory reports.
The BSP has released a three-year digital payments transformation roadmap, outlining current initiatives and strategies to promote an efficient, inclusive and secure digital payments ecosystem.
BSP Governor Benjamin Diokno has committed to converting 50 percent of the total volume and value of retail payments digitally and expanding the amount of finance included to 70 percent of Filipino adults by incorporating them into the formal financial system. through the use of payments or transactions. accounts.
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