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Financial Markets

PhilPaSS-REMIT

III. How PhilPaSS REMIT Works

        An OF remits/sends funds thru a PhilPaSS REMIT-member bank’s overseas branch and/or remittance-partners abroad.  The PhilPaSS REMIT-member bank’s overseas branch and/or remittance-partners abroad wires the fund to the local partner bank in the Philippines.  The local partner bank, normally the bank’s head office, which serves as the Remitting Bank, through its interface with the PhilPaSS Remit system, transmits the payment files, containing the details of beneficiary accounts (e.g. beneficiary name, amount, account number, branch, etc.) to PhilPaSS REMIT for credit to the Beneficiary Bank.  The Beneficiary Bank after receiving and posting/crediting the remittance fund to the account of the ultimate beneficiary, is then required to inform BSP the posting status of the remittance transaction transmitted within the same day (Day 1) or at the latest 4:00 PM on Day 2 , if further validation of beneficiary accounts is needed, in order that the Remitting Bank is informed accordingly.

How PhilPaSS Remit Works

Admission and Participation in PhilPaSS REMIT System

All PhilPaSS participant banks may apply for participation in the REMIT system.  Initial steps include the submission of a letter of intention to participate and a self-assessment of its compliance to the ICT requirement as follows:

  1. Corporate static Internet Protocol (IP) Address from the applicant’s Internet Service Provider
  2. Reliable internet connection
  3. PC workstation that will serve as the REMIT workstation
  4. Corporate email that will serve as the forwarding email address for the feedback Enterprise Firewall or IPSEC/VPN-capable Router for Site-to-Site type of connection.

      Upon receipt by the BSP-PSO of the letter of intention from the applicant bank, PSO and ITSS staff shall coordinate and schedule a business and technical briefing with their counterparts in the applicant bank/s to provide an overview on the rudiments of the REMIT system.

      PSO staff will issue the PhilPaSS REMIT CD kit to the applicant bank once the briefing has been conducted.  The CD kit shall contain the configuration settings to assist the applicant bank in accomplishing the following participating documents as follows:

        1. Transaction Security Agreement Form
        2. BSP-PSO Public Key Acknowledgement & Validation Receipt
        3. Participating Bank Public Key Acknowledgement & Validation Receipt
        4. Participating Bank Account Registration Form
        5. ABROI-OFW Participation Agreement

       Upon completion and submission of the said forms by the applicant banks, PSO and ITSS staff shall check the veracity and completeness of information provided.  PSO and ITSS staff shall coordinate with the applicant bank on the procedures on system testing.  Once the system testing is successful, PSO and ITSS will generate an advisory through electronic channels on the actual date of the bank’s participation in the REMIT system.

PhilPaSS REMIT Participants

         Listed below are the banks and remittance partners that are active PhilPaSS REMIT participants as of 31 January 2018:

Banks

  • Al Amanah Islamic Bank
  • Asia United Bank Corporation
  • Banco de Oro Universal Bank
  • Bank of the Philippine Islands
  • China Banking Corporation
  • Development Bank of the Philippines
  • East West Banking Corporation
  • First Consolidated Bank
  • Hiyas Banking Corporation
  • Land Bank of the Philippines
  • Metropolitan Bank & Trust Company
  • Philippine Bank of Communications
  • Philippine National Bank
  • Philippine Savings Bank
  • Philippine Veterans Bank
  • Queen City Development Bank
  • Rizal Commercial Banking Corporation
  • United Coconut Planters Bank