{
  "id": 5999124,
  "title": "BSP plans pause on new payment system operators",
  "url": "https://urgent.news/2026/09/06/bsp-plans-pause-on-new-payment-system-operators",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-06T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/09/07/2554437/bsp-plans-pause-new-payment-system-operators"
  },
  "original_language": "en",
  "account": "The Bangko Sentral ng Pilipinas (BSP) is considering a one-year suspension of new payment system operator registrations as part of increased safeguards against fraud and illicit transactions. This move aims to streamline and review the existing payment system operators (OPS) taxonomy and licensing framework, allowing the BSP to enhance risk management and regulatory oversight. Applications received before the suspension will continue to be processed, but no approvals or denials will be made until the suspension is lifted.\n\nDuring the suspension, entities cannot initiate any activities requiring registration with the BSP. The proposal also includes a centralized database of merchants accepting quick response (QR) code payments, stricter controls over payment arrangements involving intermediaries, and the requirement for BSP-supervised institutions (BSIs) to identify the actual merchant behind each payment. This would involve direct relationships between authorized institutions and merchants, with stricter background checks and monitoring for certain high-risk businesses like casinos, gambling operators, and adult-oriented businesses.\n\nIntermediaries would not be allowed to delegate merchant acquisition to another party, and high-risk layered arrangements would require board-level approval, quarterly management or compliance reviews, and annual independent assurance. The BSP also plans to report material fraud incidents, sanctions breaches, cybersecurity issues, and illegal merchant activities within 24 hours, with a complete incident report due within five business days. Existing layered arrangements would have six months to address compliance issues, with non-compliant relationships facing enforcement action after 12 months.",
  "summary": "The Bangko Sentral ng Pilipinas (BSP) wants to suspend for a year the registration of new payment system operators as part of tighter safeguards to make merchant payments traceable and curb fraud and illicit transactions.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}