PESONet now has 60 financial institution participants

PESONet had a remarkably successful year and is looking at posting even more significant growth for the coming year.

PESONet is a multilateral automated clearing house (ACH) established for Filipinos to enjoy convenient, safe and affordable same-day funds transfer from and to any participating financial institution, thus offering a superior alternative to checks. The other ACH is InstaPay, a real-time, low-value instant fund transfer service available on a 24/7 basis.

More and more financial institutions are join- ing PESONet as businesses and individuals are increasingly taking advantage of the service. As of October 2018, more than 60 financial institutions have already signed up with PESONet, 46 of them currently receiving PESONet transactions. As of end October 2018, PESONet has processed over 5.3 million transactions worth P737 billion with usage growing by 115% in volume and 46% in value since its launch, or monthly by 7.2% and 3.5% in volume and value.

The BSP recognizes the accomplishments to date and is confident that the country will soon be able to realize a robust and dynamic digital payments ecosystem through education and consistent positive user experience. The BSP works closely with the Philippine Payments Management Inc. in digitalizing financial and payment services.

PESONet now welcomes PayMaya Philippines as the first non-bank electronic money issuer (EMI-Others) to offer the service. Licensed by the BSP, PayMaya Philippines offers a prepaid payment wallet app and service that enables its customers to shop online, pay bills, buy mobile phone load, and send money. It is also the digital payments arm of Voyager Innovations, the technology firm in the country backed by investment firm KKR, Tencent and telecoms carrier PLDT.

“PayMaya has always worked to help create a safe, convenient and seamless payments ecosystem for retail consumers and businesses. Under PESONet, funds transfer for business-to-business (B2B) and customer-tobusiness (C2B) transactions are now more convenient as it allows transfer of funds from PayMaya accounts to other accounts in other banks within the same banking day,” says PayMaya Philippines’ Chief Operating Officer and Managing Director Paolo Azzola.

“As an EMI, our enterprise partners can now make disbursements to multiple recipient accounts in other financial institutions. As a merchant acquirer, our merchants can receive their settlement funds for all our available payment methods in their selected PESONet-member bank,” Mr. Azzola adds.

With PayMaya’s PESONet-enabled services, any PayMaya enterprise and merchant partners are assured of more efficient cash flow management and lower operating costs, with no need to maintain multiple accounts in several banks in moving money around. Fees are also competitively structured with other industry players based on the National Retail Payment System (NRPS) pricing principles.