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The Bangko Sentral ng Pilipinas and Bureau of the Treasury launched a fully-automated intraday settlement facility for financial institutions on June 27, 2024 to streamline their transactions and prevent delays.
This was made possible by integrating the BSP’s RTGS system with the BTr’s enhanced national registry of scripless securities. The BSP said the ISF’s primary benefit is to prevent gridlocks in PhilPaSSplus from timing mismatches in the settlement of payments between participants. ISF is also designed to support a quick and efficient paperless process.
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