BSP to banks: Ensure e-money services during Holy Week

The Bangko Sentral ng Pilipinas (BSP) reminded both banks and non-banks on Friday, March 22, to make sure the public will have 24/7 access to Instapay and PESONET services during the long Holy Week or Lenten break.

In a memo, the central bank said all Bsp-supervised financial institutions (BSFIS) with online transfer services should also “ensure availability and accessibility of customer service during holidays and non-working days.”

“The BSP reiterates this requirement in anticipation of the public’s continued use of interoperable digital payment services over the holidays and long weekends. This reminder is likewise in line with the BSP’S broader efforts to promote financial consumer welfare,” said the BSP.

PESONET is a batch electronic funds transfer service that is a viable alternative for checks and recurring payments. On the other hand, Instapay is a real-time, lowvalue digital payments facility that can be used for more immediate payment transactions. Lenten season begins on March 25, Holy Monday and will conclude on March 31, Easter Sunday. The nonworking days are Maundy Thursday and Good Friday which is on March 28 and March 29.

Last December, the BSP revised anew its standard operating procedures (SOP) for holidays – particularly nonworking days that were not in the original list at the beginning of a given year — to ensure continued support to the domestic financial markets.

The BSP has amended its SOP for holidays for the “smooth operation” of the country's large value payment system and the broader financial system. These services include payments and settlements, and cash operation.

The new BSP SOP for holidays reflect updates on the SOP of industry groups such as the Bankers Association of the Philippines, Philippine Clearing House Corporation (PCHC), as well as the Bureau of the Treasury, and Philippine Dealing System Holdings Corp. or PDEX.

Based on the memo, all BSP services will be closed on holidays listed prior the beginning of a given year, which usually are Malacanang-declared regular and special or non-working holiday.

For announced holidays on an ordinary business day, all BSP services will remain open. These include: ODF and TDF maturities that will be processed; payments and settlements unless declared otherwise by the BSP governor; cash services; reserve position requirements; open markets such as PDEX, BTR, BAP and MART; Philippine Depository and Trust Corp. or PDTC equities, depository and fixed income; PCHC’S PESONET; and Bancnet’s Instapay.