July 26, 2021
The Bangko Sentral ng Pilipinas (BSP) launched PhilPaSSplus, the country’s next-generation PESO real-time gross settlement system (RTGS).
“Equipped with advanced features, PhilPaSSplus is a key milestone in our continuing efforts to have an efficient, secure and inclusive digital settlement platform for both large value and retail payments,” stated BSP Governor Benjamin E. Diokno.
By accepting only the globally prescribed ISO 20022 payment messaging standard, PhilPaSSplus enables the country to integrate with both domestic and cross-border payment ecosystems. The new-generation RTGS also provides more access channels for participating institutions, stronger security features and richer payment information.
PhilPaSSplus forms part of the BSP’s digital transformation initiatives, which entail leveraging on emerging technologies to expedite payment services that have become a necessity in these extraordinary times.
The project has come to completion with the support of the participants of the RTGS system and their respective associations. More than 170 financial institutions (FIs) use the BSP-operated PhilPaSSplus to settle their clients’ ATM, InstaPay, PESONet, and check transactions.