February 22, 2024

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Adapting New Payment Solutions to Accelerate Digital Transformation in the Philippines

The Governor of Bangko Sentral ng Pilipinas (BSP) confirmed that it, along with the payment systems industry, plans to implement a QR standard for person-to-merchant (P2M) payments. The move is seen as a key initiative to ramp up the digitalisation of payments across the nation. The Quick Response (QR) technology involves code scanning and provides customers with a faster and cheaper payment alternative, as well as increased flexibility.

The governor expressed his confidence that this initiative will enable greatly benefit the unbanked sector, micro-entrepreneurs such as sari-sari store owners and the unorganised communities like drivers, delivery staff, etc. The ease and efficiency of digital payments have been widely proven across the world in a range of sectors.

In a recent meeting, the BSP governor confirmed that the BSP will continue to collaborate with the Philippine Payments Management Inc. (PPMI) to ensure that every Filipino can be a part of the increasingly digital Philippine economy. The PPMI is a self-governing body run by payment industry participants that is recognised as the country’s payment system management body by the BSP.

These challenging times have taught us to adapt, be more agile, and to find innovative ways to continue thriving. In a way, the pandemic gave us an invaluable opportunity – and one that we must seize – to build and enhance our capacities for digital transformation.

– Benjamin Diokno, Governor, Bangko Sentral ng Pilipinas

The two bodies are working together on several fronts to better the overall national financial landscape in a bid to drive the economy and offer a better consumer experience. The PesoNet Multiple Batch Settlement (MBS) is expected to be in place by the end of this year. With most businesses relying on digital payments, credit and debit cards, rapid and efficient batch settlements are of vital importance for sustainability. In essence, e-payments are a digital alternative to the traditional, physical cheque system. Like cheque settlements, the MBS will clear sets of approved digital transactions. Increasing the frequency of e-payment settlements from once to twice daily will give businesses a significant boost. It will speed up the payment process for high-value transfers and assist businesses in meeting their funding requirements.

By the first part of 2022, they want to establish an interoperable bills payment facility. The interoperable payments charge facility,  allows billers to accrue payments from clients digitally despite the fact that the billers’ charge provider carriers differ from the clients’.

A third initiative is a request-to-pay facility which is planned for the second quarter of the coming year. This facility will permit payees to provoke collections by directly sending a request-to-pay. Payors, in this system, no longer need to authenticate the payee’s account information – they can immediately authorise the payee’s demand.

In conjunction with the payments industry, the BSP is looking to establish a Direct Debit Service. The platform will allow the payer to electronically authorise a payee as a regular withdrawer of funds rather than authorising them for each transaction. The move greatly helps in areas like regular ordinary billing, month-to-month rent, loan amortisation and premiums that need to paid at fixed periods.

For its part, PPMI is looking to bring onboard banks and e-money issuers that are part of the PesoNet programme for the EGov Pay ecosystem – an e-payment facility for taxes, permits, fees and other government obligations.

As part of the overall development of a secure and thriving financial environment, the BSP supports the passage of a Senate bill that would safeguard customers from cybercrime – the Bank Account, E-wallet, and Other Financial Accounts Regulation Act (Senate Bill No. 2380).

OpenGov Asia also reported that the BSP has urged the immediate establishment of an anti-cybercrime law to better protect financial consumers. The bill addresses illegal activities such as phishing, in which a scammer poses as a legitimate or trusted entity to obtain sensitive information by illegally accessing an individual’s online account; or opening a bank e-wallet account under a fictitious name, or using another’s identity or identification documents to receive, transfer, or withdraw proceeds derived from a suspicious activity or transaction.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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