The monetary authorities on Thursday reminded operators of payments systems or OPS that the adoption of a reporting system both for business-as-usual and under stressful situations is mandatory.
The Bangko Sentral ng Pilipinas reiterated that such a system must be of high quality, capable of generating accurate, complete and reliable information.
“Access to timely, complete, and accurate payments information is vital to the BSP’s oversight, supervisory and regulatory authorities in order to support the stability and effectiveness of the monetary and financial systems,” BSP Governor Benjamin E. Diokno said.
The RRS further mandate OPS’ board of directors and senior management to ensure the integrity of their reporting systems by adopting and implementing an effective management information system that facilitates generation of independently validated reports.
The circular also emphasizes the BSP’s authority to assess the reporting system of an OPS to ascertain the integrity of its reports and provides monetary penalties and/or administrative sanctions for non-compliance.
Issuance of OPS regulatory reports is critical in the fulfillment of BSP’s mandate of promoting safe, efficient, and reliable payment systems in the country, in accordance with its enhanced legal mandate under Republic Act No. 11127 or the National Payment Systems Act.