The Bangko Sentral ng Pilipinas (BSP) ordered all retail payment systems to adopt the global ISO 20022 messaging standard, in a bid to modernize domestic and cross-border transactions.
Under BSP Circular 1223, approved by the Monetary Board on Nov. 6, payment providers have two years to fully comply, with at least one use-case implemented in the first year.
The directive takes effect 15 days after its publication in a national newspaper or the Official Gazette.
“This supports better transaction monitoring, stronger compliance checks, and effective consumer redress,” the BSP said.
While InstaPay and PESONet, the BSP’s instant and batch electronic fund transfer platforms, have already adopted ISO 20022, implementation has been inconsistent. The new rule now mandates uniform application across the industry.
The move aligns the Philippines with international standards and G20 objectives, improving the speed, transparency, and affordability of remittances and other retail payments, while reinforcing the central bank’s regulatory oversight.
An ISO 20022 Harmonization Industry Project Team will guide financial institutions through implementation.
