BSP launches payments system PESONet

The central bank launched on Wednesday its electronic fund transfer (EFT) payments system which would enable individuals to digitally transfer funds to any bank in the network within the same banking day.

The Philippine EFT System and Operations Network (PESONet), was unveiled by Governor Nestor Espenilla Jr. at the Bangko Sentral ng Pilipinas (BSP) headquarters in Manila City.

"[PESONet will be] able to conveniently perform account-to-account payments and fund transfers, enable e-commerce, open up markets, and lower the cost of doing business," he said.

The system serves as the first automated clearing house of the Philippines under the National Retail Payment System (NRPS).

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.

The funds will be available in the recipient account within the same banking day, or immediately upon clearing.

Recipients will be able to get the full amount of the money transfer, while senders will be charged a "minimal" fee which will depend on their corresponding bank.

There are 33 BSFIs that include universal, commercial, thrift, and rural banks, as well as non-bank electronic money issuers (NB-EMIs) signed up as PESONet participants.

Espenilla said the government plans to use PESONet for payroll accounts, and transactions with revenue-generating agencies.

This would entail that government collections and payments systems shift to digital, including those of the Department of Finance, Bureau of the Treasury, Bureau of Internal Revenue, Department of Information and Communications Technology, Department of Budget and Management, and the Commission on Audit. — VDS, GMA News