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BSP requires banks to implement PESONet, InstaPay

The Bangko Sentral ng Pilipinas (BSP) recently issued a memorandum requiring all BSP-Supervised Financial Institutions (BSFIs) to make fund transfer via PESONet and/or InstaPay available through its e-channels (i.e. internet and mobile) by November 30, 2018.

The implementation of PESONet and InstaPay under Memorandum No. M-2018-012, pursuant to BSP Circular No. 980, will enable customers to make electronic fund transfers (EFTs) across banks in the Philippines.

PESONet, which launched in November 2017, allows businesses, the government, and individuals to conveniently initiate EFTs and recurring payments from the sender’s accounts maintained in BSFIs, such as banks and other non-bank electronic money issuers (NB EMIs), to corresponding recipient accounts in other BSFIs. Funds can be made available to the recipient account/s within the same banking day or immediately upon clearing.

InstaPay, on the other hand, launched in April 2018, and allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. Customers can transfer funds up to PHP50,000 per transaction as many times during the day. The service is also available 24/7, all year round.

Below is a comparison of PESONet and InstaPay with other methods.


Payment Type Funds Availability Maximum Transaction Limit Mode Service Availability Changes Applied
InstaPay Almost Immediate Max of PHP 50,000.00 Electronic 24/7, all year round Sender may bear charges; Receiver is not charged and gets full amount sent
PESONet Same Day No Limit Electronic 24/7, banking days only Sender may bear charges; Receiver is not charged and gets full amount sent
Checks Next Day No Limit Over-the-counter Banking hours only Charges may vary; Receiver gets the full amount on check
Money Transfer Agent Same Day No Limit Over-the-counter Business hours only Sender may bear charges; Receiver may also bear charges


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