Banks given deadline to include ACHs

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. /