November 29, 2023

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Bangko Sentral Ng Pilipinas – 2018 Award

Dr. Ma. Cyd Tuaño-Amador, Deputy Governor

OpenGov is recognising Bangko Sentral Ng Pilipinas (BSP) for the launch of two specific Automated Clearing Houses, the Philippine EFT System and Operations Network, or PESONet during 2017. philippines.
As the first prioritised Automated Clearing House (ACH) under the National Retail Payment System (NRPS), the PESONeT is a safe, affordable and reliable batch electronic fund transfer credit payment stream.
Using the PESONet, transfer of funds is processed in bulk, making recurring payments convenient and efficient. With government support and industry participation, PESO Net modernises the country’s retail payment system by serving as an alternative to the check system.
Supported by 33 BSP-supervised financial institutions (BSFIs), the PESONet will help the Philippines to shift from a heavily cash-reliant to a cash-lite society with greater financial inclusion. It will make business-to-business (B2B), and customer-to-business (C2B) payments more practical; enable corporations to credit salaries to respective existing accounts of their employees without need for the creation of special payroll accounts; enable the digitisation of government-to-government (G2G) and person-to-government (P2G) collections and payments.
PESONet also provides an opportunity for smaller industry players such as thrift and rural banks to have greater participation in the retail payment system. Other expected gains from PESONet are lowered costs; more efficient budget administration on government’s part; better liquidity management on private businesses’ side; and increased economic activity due to the accelerated velocity of payments and immediate availability of funds.
Another prioritised ACH, Instapay, facilitates real-time electronic fund transfers with its 24/7 service and instant credit to beneficiary accounts. It is a real-time low-value push payment scheme for transaction amounts up to P50,000. This is a new retail payment system designed to facilitate small value payments that will be especially useful for paying for toll fees and tickets, and for e-commerce to enable MSMEs.
Users of InstaPay will be able to accept digital payments in both e-money and bank accounts. This allows financial transactions to be performed simply and quickly through electronic payments. Together with PESONet, Instapay will promote seamless electronic fund transfers and payments between and among accounts in the Philippine

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.