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PESONet multiple batch settlement facility launched- BSP
By J.Lo
“PESONet recipients will now be able to receive funds at an earlier time than the usual end of banking day,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said during virtual launch of PESONet BSP, along with Philippine Payments Management Inc. (PPMI), launched Multiple Batch Settlement (MBS) facility of the Philippine EFT System and Operations Network (PESONet).
Under MBS, PESONet daily batch settlement will have two cycles in a banking day, in the morning and at the end of the day, up from only one batch settlement at the end of the banking day. The facility went live on Monday morning.
Diokno said facility will allow faster crediting of funds to the recipient’s account, and allows for better risk management for participating banks and electronic money issuers.
“With this enhanced feature, we hope consumers will be incentivized to use PESONet for greater convenience, faster settlement, and better liquidity management,” he stressed.
The BSP first launched PESONet , first automated clearing house of the Philippines under National Retail Payment System (NRPS) in November 2017.
Using PESONet, government, businesses, and individuals can initiate electronic fund transfers and recurring payments from accounts maintained in BSP supervised financial institutions (BSFIs) to corresponding accounts in other BSFIs.
At present, funds are reflected in the recipient account within the same banking day, or immediately upon clearing.
“As more Filipinos embrace digital payments, we are optimistic that PESONet MBS would bring us closer to our strategic objectives under BSP’s Digital Transformation Roadmap,” Diokno said.
Diokno earlier said he wants to convert at least 50% of retail payments into digital form by the end of his term in 2023, with at least 70% of adult Filipinos banked by then.
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