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National Retail Payment System (NRPS)
Reference entry · last updated 20260910
The National Retail Payment System (NRPS) is the Philippine framework for interoperable retail payments. It establishes common arrangements through which participating institutions exchange payments.[1]
1. First principles: interoperability
Interoperability allows customers of different participating providers to transact with each other. Common rules govern the exchange of instructions and the resulting obligations.[1]
2. Automated clearing houses
An automated clearing house (ACH) under NRPS is a multilateral agreement for a payment stream. It governs clearing and settlement. InstaPay and PESONet serve different transfer needs within this framework.[1]
The US ACH network is a separate system.
3. Governance and operation
BSP oversees the framework. A payment system management body coordinates industry governance. ACH participants agree payment-stream rules, while a clearing switch operator supplies the infrastructure for processing instructions.[1]
4. See also
- Bangko Sentral ng Pilipinas (BSP)
- InstaPay (Philippines)
- PESONet (Philippine Batch Payments)
- Clearing (Payments)
- Settlement (Payments)