Banks and the clearing house operator have started developing web and mobile applications for the Philippine EFT System and Operations Network (PESONet) as part of the National Retail Payment System (NRPS).
PESONet is a channel for government and private business collections and disbursement that provides an electronic alternative to the paper-based check system. Businesses, the government, and individuals will be able to initiate electronic fund transfers and recurring payments from the sender’s accounts maintained in BSP supervised financial institution (BSFIs), such as banks and other non-bank electronic money issuers, to corresponding recipient accounts in other BSFIs.
With the ACH, funds could be made available to the recipient accounts within the same banking day or immediately upon clearing. Payees receive the funds transferred in full free of charge.
A second ACH, called InstaPay, is expected to be launched toward the end of the first quarter of 2018 to enable 24/7 low value electronic fund transfers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now