Banks given dead­line to in­clude ACHs

Sun.Star Davao - - BUSINESS - PNA

Manila -- Banks that of­fer In­staPay and PESONet are given un­til Novem­ber 30, 2018 to make avail­able on their elec­tronic bank­ing (e-bank­ing) chan­nels these pay­ment plat­forms.

Mem­o­ran­dum No. M-2018026, signed by Bangko Sen­tral ng Pilip­inas (BSP) Deputy Gov­er­nor Chuchi Fonacier on Septem­ber 4, 2018, said the re­minder was made in line with the Mem­o­ran­dum No. M-2018--12.

“The fund trans­fer con­fir­ma­tion of the BSFI (BSP-su­per­vised fi­nan­cial in­sti­tu­tion) to its client-sen­der shall clearly in­di­cate whether the fund trans­fer is made via Pesonet or In­staPay to set proper ex­pec­ta­tion on the avail­abil­ity of funds to the ben­e­fi­cia­ries in ac­cor­dance with the pre­scribed turn-around time pro­vided in item 3 of BSP Mem­o­ran­dum No. M-2018012,” it said.

Banks are also given 10 days to in­form the cen­tral bank’s Pay­ment Sys­tem Over­sight Depart­ment (PSOD) once they have made avail­able the two e-pay­ment plat­forms in their sys­tem.

Banks that will fail to meet the dead­line will face sanc­tions, it added.

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 may ap­ply to the one send­ing the fund and the one re­ceiv­ing it de­pend­ing on the fi­nan­cial in­sti­tu­tion they will tap. /

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