HOME  ABOUT THE BANK  MONETARY POLICY  BANKING SUPERVISION  PAYMENTS & SETTLEMENTS  STATISTICS  FEEDBACK CORNER
   BSP NOTES & COINS  MONETARY OPERATIONS  LOANS-CREDIT & ASSET MGT  PUBLICATIONS & RESEARCH  REGULATIONS  PROCUREMENT

Feedback Corner

Financial Markets

PhilPaSS-REMIT

II. What is PhilPaSS REMIT System

             The PhilPaSS REMIT System is a system developed by the Information Technology Sub-Sector of BSP that will allow the use of PhilPaSS as a settlement arm for overseas Filipino (OF) remittances in order to ensure safe and immediate transfer and settlement of remittance funds into beneficiary accounts maintained in another bank. Implemented on 04 May 2010, the system interfaces with PhilPaSS to cover the electronic settlement of overseas Filipino (OF) remittances that are received by the participating commercial banks, government-owned banks, and thrift banks from overseas branches or correspondent banks and partner remittances agencies abroad but for further credit to beneficiary accounts maintained with other banks in the Philippines.