THE Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. (PPMI) on Monday launched the Multiple Batch Settlement (MBS) facility of the PESONet electronic fund transfer service, marking another milestone in the country’s digital payments transformation journey.
The MBS, which went live on Monday morning, Jan. 24, 2022, increases PESONet’s daily batch settlement to two cycles in a banking day. PESONet used to have only one batch settlement of fund transfers at the end of the banking day.
PESONet is an electronic fund transfer scheme under the National Retail Payment System which can be considered an electronic alternative to the check system. It is ideal for high-value business transactions beyond P50,000 and is credited to the receiver by the end of a banking day.
“This new feature enhances the user experience as it allows faster crediting of funds to the recipient’s account. PESONet MBS allows for better risk management for participating banks and electronic money issuers as settlement of transactions may be divided within two cycles in a banking day,” BSP Gov. Benjamin Diokno said in a statement.
The morning and end of day settlement cycles of PESONet fund transfers also seek to address the demand of the business community for shorter clearing intervals.
“With PESONet MBS, businesses can manage their cashflows better. For example, a business can ensure timely crediting of payroll funds since PESONet MBS allows the transfer of funds and the receipt of the same by employees within the same banking day,” the central bank official said.
“Since funds are made available earlier, PESONet MBS can cut production cycle time that boosts economic productivity.”
With more frequent settlement cycles under PESONet MBS, person-to-government payments made via EGov Pay will also be improved. EGov Pay is an online facility that allows citizens to pay taxes and other fees due to government institutions, including permits and fees.
“A growing volume of pension, social security benefits and government aid have been disbursed digitally through PESONet. In 2021, the value of SSS disbursements coursed through PESONet reached P158.47 billion, and there is room for further growth with the launch of these digital initiatives,” said Diokno.
Launched in November 2017, PESONet is the first automated clearing house under the National Retail Payment System. It can be considered an electronic alternative to paper-based check payments.
InstaPay is its retail counterpart which allows for real-time transfer of funds up to P50,000, making it ideal for e-commerce as well as urgent payment needs.
(From: Bangko Sentral ng Pilipinas Facebook)
January 24, 2022
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