The operator aims to leapfrog several generations of payments technology and bring the country to the innovations in account-based real-time payments.
Mastercard will operate the infrastructure through a regional payments hub in the APAC region using the rich ISO 20022 messaging format, which facilitates communications across financial institutions, provides transaction data for mitigating risk, and facilitates compliance with regulatory requirements, among other purposes.
The new infrastructure will deliver data analytics and anti-money laundering (AML) services to help BancNet members identify “mule accounts”. In addition, this infrastructure will provide the members with cyber security tools to ensure safety of the country’s digital payments ecosystem.
The BancNet and Mastercard collaboration is expected to further propel the adoption of InstaPay. This initiative will support Bangko Sentral ng Pilipinas and the payments industry’s mission to accelerate digital payments to 20% of all payment transactions in the country by 2020.
For more information about Mastercard Payment Gateway Services, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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