THE BANGKO SENTRAL ng Pilipinas (BSP) has extended until end-March the transitory period for banks’ adoption of consumer redress mechanism standards for electronic payments.
“The transitory period, previously set to end on Dec. 31, 2024, has been extended by three months. The new deadline for compliance with BSP Circular No. 1195 is now set on March 31, 2025,” it said in a memorandum posted on its website.
“The BSP remains committed to supporting the payments industry throughout this transition,” the central bank added.
The memorandum was signed by BSP Governor Eli M. Remolona, Jr. and was dated Dec. 27.
BSP Circular No. 1195 Series of 2024 dated June 1 or the consumer redress mechanism standards aim to ensure the timely resolution of issues encountered in the use of online transactions, such as failed fund transfers.
These cover account-to-account electronic transfers under the National Retail Payment System framework.
The standards apply to all clearing switch operators and automated clearing house participants that provide domestic account-to-account electronic fund transfers, including person-to-person, person-to-merchant, and person-to-biller payments.
It includes guidelines on the necessary notifications for real-time or batched electronic fund transfers, the return of funds, collection and return of electronic fund transfer fees, the disruption of services and operations, and consumer protection. — Luisa Maria Jacinta C. Jocson