BSP launches PESONet multiple batch settlement facility

The Bangko Sentral ng Pilipinas (BSP), along with the Philippine Payments Management Inc. (PPMI), on Monday launched the Multiple Batch Settlement (MBS) facility of the Philippine EFT System and Operations Network (PESONet).

Under the MBS, the 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.

According to BSP Governor Benjamin Diokno, the facility will allow the faster crediting of funds to the recipient’s account, and allows for better risk management for participating banks and electronic money issuers.

“PESONet recipients will now be able to receive funds at an earlier time than the usual end of banking day,” he said during the virtual launch of the facility.

“With this enhanced feature, we hope that consumers will be incentivized to use PESONet for greater convenience, faster settlement, and better liquidity management,” he added.

The BSP first launched PESONet — the first automated clearing house of the Philippines under the 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, the 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 the 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. — RSJ, GMA News