#Operators of Payment System Means

Recent reports probably got us fed with headlines about an OPS or an Operator of Payment System. National Payment Systems Act (NPSA) The National Payment Systems Act (NPSA) or Republic Act 11127 mandates the BSP to oversee payment systems in the Philippines and exercise supervisory and regulatory powers for the purpose of ensuring the stability and effectiveness of the monetary and financial system. Section 4 (1) of the NPSA defines an operator as any person who provides clearing or settlement services in a payment system, or defines, prescribes, designs, controls, or maintains the operational framework for the system. Who are the Operators of Payment Systems (OPS)? As per the BSP, registration is important as it allows the central bank to have oversight authority over all payment systems in the Philippines to ensure that it functions "safely, efficiently, and reliably" by itself and in relation to RA No. Thus, in the exercise of its powers, the BSP will cover all institutions that perform operator functions relative to a payment system, including institutions not currently supervised by the BSP. Independent ATM Deployers, Bayad Centers/bill payment aggregators, online merchants/billers, and payment gateways may also be part of the scope if they perform operator functions relative to a payment system. Read more in our articles including "What is an Operator of Payment System (OPS)?" and "Visa rolls out Scan to Pay QR payment system across Asia Pacific".