The Bangko Sentral ng Pilipinas (BSP) has given BSP-supervised financial institutions (BSFIs) not later than March 31, 2019 to ensure that all its frontline personnel have the necessary know-how to implement fund transfer services PesoNet and InstaPay.
BSFIs are also required to post around their offices and on their websites materials regarding these services “to enable their customers to have sufficient knowledge about these fund transfer facilities.”
InstaPay and PesoNet are automated clearing houses (ACH) under the central bank’s National Retail Payment System (NRPS).
Specifically, InstaPay is a platform that provides consumers a safe, affordable, and real-time low-value electronic payment for up to P50,000 per transaction without limit in a day. Charges for this service depends on the financial institution the customers will tap.
Meanwhile, PesoNet is a batch electronic fund transfer (EFT) credit payment scheme, proceeds of which will be received by the payee within the same banking day if the payment instruction was sent before the cut-off time.
These facilities are targeted to increase digital payments in the country to around 20 percent of total transactions by 2020.
BSP deputy governor Chuchi Fonacier, in a Memorandum dated January 3, 2019, said BSFIs are also required to “provide with prominent visibility” in their websites links on PesoNet and InstaPay websites, which in turn, will be maintained or directed by the Philippine Payments Management Inc. (PPMI).
BSFIs are also directed to submit to the PPMI the actions they have taken or they plan to take not later than end-January this year.
Relatively, PPMI is required to submit to the BSP’s Payment System Oversight Department regular updates on their members’ compliance on the two payment systems. — Joann Villanueva (PNA)