BSP announces New Order of Payment System (NOPS)
By Edil Corneille
Bangko Sentral ng Pilipinas (BSP) is launching the New Order of Payment System (NOPS) in line with its advocacy to promote digital payments and provide clients with accessible payment facilities especially during the COVID-19 pandemic.
BSP, the central bank of the country, mentioned that the National Retail Payment System (NRPS) raised the expectations on it. As the organisation tasked to push for digitalisation of payments, the BSP has to pursue the digitalisation of its retail transactions, particularly from its internal and external stakeholders.
NOPS is designed as a secure web-based system easily accessible to the public through the internet. The main feature of the NOPS is the availability of various payment channels where the BSP’s clients can pay their obligations. Payments can be made to the BSP Depository Banks through over-the-counter methods, mobile or online banking, and payment gateways (eg VISA/ Mastercard debit or credit cards).
In the pipeline are other payment channels such as payment via PESONet and Instapay gateways, e-money service providers and other payment partners. Asset Management Department clients may also use NOPS to generate their own Order of Payment statements, inquire status, and download Official Receipts (OR).
Among the transactions to be collected by the BSP through the NOPS are property amortisations and lease rentals; licensing and registration fees of new banks, pawnshops and money service businesses; sale of bidding documents and payment of bid securities; sale of BSP corporate items; and other amounts due to the BSP.
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