Central bank to allow multiple PESONet settlements by Q4
THE BANGKO SENTRAL ng Pilipinas (BSP) targets to allow multiple settlements in PESONet by the fourth quarter and introduce streamlined digital payment options next year, BSP Deputy Governor Mamerto E. Tangonan said on Friday.
Mr. Tangonan said the BSP is currently working to allow multiple batches of crediting for PESONet transactions from just once a day currently. He said they are also looking to open batch settlements during weekends and holidays.
“This initiative will allow for faster, clearing and settlement of personal transactions. With multiple net clearing and settlement cycles within a day, users need not wait for the end of the batch processing of the transactions to receive funds transfers. This development will make PESONet more appealing to consumers and businesses for frequent payments such as customs duties of importers, as well as supplies or bulk purchase of businesses,” he said in a forum arranged by Maybank on Friday.
PESONet is an electronic fund transfer service under the central bank’s National Retail Payment System handling transactions worth more than P50,000, to be credited to the receiver by the end of a banking day, which is suited for business-to-business dealings.
Meanwhile, InstaPay allows real-time fund transfers for transactions not exceeding P50,000.
There are currently 82 financial institutions using PESONet and 52 using InstaPay for their fund transfer services.
For faster bills payment, Mr. Tangonan said the BSP will also roll out by early next year a facility that will allow customers to settle their bills for utilities, rent subscription, loan amortization and other recurring payments, even if customers and billers use different payment service providers.
He said the central bank will also launch its “request-to-pay” facility to follow the “bills-to-pay” scheme to make bills payment easier as customers will no longer have to fill out details repeatedly.
“It shall empower payees to initiate collections by simply sending a request to pay with the payor. It is expected to bring convenience in the collection of non-recurring receivables by payees from other parties,” he said.
Lastly, a “direct debit” facility will also be introduced, where customers can authorize billers to pull funds from their accounts so recurring payments such as monthly rentals, loan amortizations, insurance premiums and contributions are paid on time.
As part of its inclusion push, the central bank aims to have 50% of all transactions in the country done digitally and bring 70% of adult Filipinos into the financial system by 2023. — BML
