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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