BSP mandates use of PESONet, Instapay

BANGKO Sentral ng Pilipinas (BSP)supervised financial institutions ( BSFIs) offering electronic payments have been told to make the automated clearing houses of the National Retail Payments System (NRPS) available on their echannels by the end of November.

In a September 4 memorandum, central bank Deputy Governor Chuchi Fonacier said that pursuant to Circular 980 or the adoption of the NRPS Framework, “BSFIs with authority to offer electronic financial and payment services (EFPS), such as electronic banking, shall make fund transfer via PESONet and/or InstaPay available through its e- channels (i.e. internet and mobile) by 30 November 2018.”

BSFIs were also instructed to clearly indicate in the fund transfer confirmation to the client-sender whether the transaction was made via PESONet or InstaPay “to set proper expectation on the availability of funds to the beneficiaries.”

The BSFI must also notify the BSP Payment System Oversight Department within 10 banking days from the date PESONet and/or InstaPay was made available on its e- channels.

Philippine Payments Management Inc. (PPMI) — the recognized payment system management body under the NRPS Framework — will also monitor and lead its members toward compliance with the framework.

“BSFIs are reminded that non- compliance with the deadline stated in this Memorandum shall subject the BSFI to applicable sanction/s and other enforcement action/s that may be imposed by the BSP as provided in Circular 980,” Fonacier said.

The central bank has said that its vision of higher e-payments usage by 2020 is very doable with PESONet and InstaPay having been launched under the NRPS.

As of July this year, 22 institutions had made PESONet available in both their online and mobile phone channels.

Earlier, PPMI also reported that nine banks were now using InstaPay.