Called the “PhPay,” government officials said they are looking to roll out the third automated clearing house that will process payments for government services and even the state’s fund releases to individuals. The Department of Finance (DoF) and the Bureau of Internal Revenue will also set up a platform for e-invoicing, which would provide electronic receipts to users of the payment portal.
The DoF originally started work for the PhPay clearing house under the Integrated Government Philippines programme, which would also serve as the centralized online payment portal, transactions ledger and reconciliation system for e-payments to state agencies. This platform is expected to improve the ease of doing business in the country, as payments for permits and licenses can also be coursed here.
Once rolled out, the PhPay will follow the Philippine Electronic Fund Transfer System and Operations Network — a platform which compiles all interbank fund transfer instructions, runs a batch process, and credits the amount to the receiver by the end of the banking day.
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