Skip to main content

WHITE PAPER

The evolution of real-time payments in the Philippines

BancNet has over 30 years of payments experience in the Philippines. Initially providing ATM services, they subsequently developed the Interbank Fund Transfer (IBFT) service in the Philippines in 2000. In 2018 they entered into an agreement with Vocalink (a Mastercard company) to provide an RTP-managed service based on the Immediate Payments Service (IPS) technology which powers RTP systems in the Kingdom of Saudi Arabia, Peru, Singapore, Thailand, the U.S. and is soon to be introduced in Canada.

The paper finds broad alignment with the key learnings from the application of the Fast Payment Framework identified by the World Bank Group (World Bank, 2021), but offers additional practical considerations from the operator’s perspective.

Related Reports

Settlement trends in real-time payment systems

Real-time systems, like other payment systems, involve clearing and settlement. This paper examines current inter-bank settlement operations and emerging market trends.

woman smiling while shopping and looking at her phone

Clearing and settlement

Settlement trends in real-time payment systems.

woman smiling while shopping and looking at her phone

ISO20022

ISO 20022: is it a must have for domestic payments processing?

woman smiling while shopping and looking at her phone