The International Bank Account Number (IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies the account of a customer at a financial institution. It was originally adopted by the European Committee for Banking Standards (ECBS) and since 1997 as the international standard ISO 13616 under the International Organization for Standardization (ISO). The current version is ISO 13616:2020, which indicates the Society for Worldwide Interbank Financial Telecommunication (SWIFT) as the formal registrar. Initially developed to facilitate payments within the European Union, it has been implemented by most European countries and numerous countries in other parts of the world, mainly in the Middle East and the Caribbean. As of July 2023, 86 countries were using the IBAN numbering system.
The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
A QR code is a type of two-dimensional matrix barcode, invented in 1994, by Japanese company Denso Wave for labelling automobile parts. A QR code consists of black squares arranged in a square grid on a white background, including some fiducial markers, which can be read by an imaging device, such as a camera, and processed using Reed–Solomon error correction until the image can be appropriately interpreted. The required data are then extracted from patterns that are present in both the horizontal and the vertical components of the QR image.
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines.
BancNet is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the country's single interbank network in the Philippines in terms of the number of member banks and annual transactions. Due to its status as the country's single ATM switch operator, it is designated by the Bangko Sentral ng Pilipinas (BSP) as the country's national ATM network.
The Philippine Statistics Authority is the central statistical authority of the Philippine government that collects, compiles, analyzes and publishes statistical information on economic, social, demographic, political affairs and general affairs of the people of the Philippines and enforces the civil registration functions in the country.
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers.
The Rizal Commercial Banking Corporation, commonly known as RCBC, is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.
The Philippine Dealing & Exchange Corp. (PDEx) is a dealing exchange for major banks in the Philippines. The primary exchange of the country for all sectors is the Philippine Stock Exchange.
Filipino Sign Language (FSL) or Philippine Sign Language, is a sign language originating in the Philippines. Like other sign languages, FSL is a unique language with its own grammar, syntax and morphology; it is neither based on nor resembles Filipino or English. Some researchers consider the indigenous signs of FSL to be at risk of being lost due to the increasing influence of American Sign Language.
Benjamin Estoista Diokno is a Filipino economist who currently serves as one of the six members of the Monetary Board of the Bangko Sentral ng Pilipinas, which conducts the country's monetary policy and supervises its financial system. Diokno previously served as Secretary of Budget and Management under President Joseph Estrada from 1998 to 2001 and under President Rodrigo Duterte from 2016 to 2019. He also served as the Governor of the Bangko Sentral ng Pilipinas and the chairman of its Monetary Board, as well as ex officio chairman of the Anti-Money Laundering Council, from 2019 to 2022 under President Duterte His last Cabinet-level position was being the Secretary of Finance from 2022 to 2024 under President Bongbong Marcos.
Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
Unified Payments Interface, commonly referred as UPI, is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number of the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of the Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). Indian Banks started making their UPI-enabled apps available on the Google Play Store on 25 August 2016.
The National Privacy Commission, or NPC, is an independent body created under Republic Act No. 10173 or the Data Privacy Act of 2012, mandated to administer and implement the provisions of the Act, and to monitor and ensure compliance of the country with international standards set for data protection. It is attached to the Philippines' Department of Information and Communications Technology (DICT) for purposes of policy coordination, but remains independent in the performance of its functions. The Commission safeguards the fundamental human right of every individual to privacy, particularly Information privacy while ensuring the free flow of information for innovation, growth, and national development.
Nestor Aldave Espenilla Jr. was a Filipino banker who served as the fourth governor of the Bangko Sentral ng Pilipinas (BSP) from 2017 until his death in 2019. He began working for the BSP in 1981 and was a deputy governor under his predecessor Amando Tetangco Jr.
QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks, payment terminal and merchant accounts.
Maya, is a Filipino financial services and digital payments company based in Metro Manila, Philippines.
Digital banks in the Philippines are a new formal category of banks which were only approved by the Bangko Sentral ng Pilipinas (BSP), the country's central bank, in 2020. The first such banks launched in the Philippines were Tonik, Overseas Filipino Bank, and UnionDigital of UnionBank Corp. Several more banks were approved by the BSP before 2021, when it announced that it would stop approving the establishment of further digital banks for three years, in order to strengthen the industry and assure healthy competition among its players.
