By Marga Bellosillo, September 9 2018; The Manila Times
Image Credit to Bangko Sentral ng Pilipinas (Inquirer.net)
Transferring funds has gotten more convenient through online platform, PESONet. Launched by the Bangko Sentral ng Pilipinas (BSP) last November 2017 as part of their strategic initiatives to modernize the country’s retail payment system, PESONet is the country’s first Automated Clearing House (ACH) under the National Retail Payments System (NRPS) of BSP. It enables transfer of funds between customers of participating banks, e-money issuers or mobile money operators in the Philippines.
Customers now have an option to access their funds in the bank through their mobile phones, laptops, and the like without having to go to the bank branch and incurring cash withdrawal and deposit fees. They can just go to the website for their bank or financial institution and select the PESONet-enabled funds transfer service, then provide the necessary information – payee bank, account details and amount. It only takes a few clicks for a transaction to be completed. Bulk transactions are also available for corporate customers as well.
While PESONet is for batch or volume payment transactions, BSP also launched another option called “InstaPay,” which caters to customers who need to transfer smaller amounts. InstaPay is the newest ACH under the NRPS framework, where sending and receiving of funds is limited to P50,000 only per transaction. There is no limit to the number of transactions customers can do in a single day.
InstaPay and PESOnet transactions are done in real time and at any time of the day. Because of these online platforms, the BSP has created a solutions that promises to be efficient, fast, convenient, and affordable while providing transparency and enhanced security for everyone’s peace of mind.