Banks told to align retail payments with global standardsBusinesses are expected to benefit from the implementation of ISO 20022, as this promotes more accurate invoice reconciliation and smoother cross-border integration. MANILA, Philippines — The Bangko Sentral ng Pilipinas is now requiring all retail payment systems in the country to adopt ISO 20022, a global standard designed to make domestic and cross-border retail payments more seamless, efficient and secure. The BSP issued Circular 1223 to harmonize local retail payment systems with international standards set by the Bank for International Settlements–Committee on Payments and Market Infrastructures. With the issuance of the circular, all industry players are now required to consistently apply the global standard in their retail payment operations. The circular also aligns with the G20’s objectives to improve the affordability, speed and transparency of remittances as well as domestic and cross-border retail payments.

Source: Philippine Star December 27, 2025 16:31 UTC