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Payments and Settlements

National Retail Payment System: Empowering Every Juan and Maria

 

Juan and Maria

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NRPS promotes, among others, interoperability—the state when end-users or consumers are able to transfer funds from one account to another account in any participating BSP supervised financial institution (bank or electronic money issuer).  By enabling interoperability, sustained adoption of electronic payments is plausible as electronic transactions are made more convenient. 

NRPS likewise facilitates and supports the delivery of a wide range of financial products that cater to the needs of all users, especially the small-value, high frequency payers of the low-income segment.  As more end-users or consumers avail of electronic payment services, the growth in transaction volume will help achieve economies of scale, which may further bring down cost to the consumers.

   

Automated Clearing Houses (ACHs) under the NRPS

 

PESONet

The Philippine EFT System and Operations Network (PESONet), the first ACH under the NRPS, was launched on 08 November 2017.  It is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system.  Under the rules of said ACH, the fund transfer and/or payment instructions will be processed in bulk and cleared at batch intervals. Each payee will then receive the full value in their account within the same banking day, provided the payment instruction was sent within the cut-off time.

PesoNet

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The PESONet is more inclusive platform for EFTs which will make business-to-business (B2B), and person-to-business (P2B) payments more practical; enable business-to-person (B2P) such as corporations to credit salaries to respective existing accounts of their employees without need for the creation of special payroll accounts; enable the digitization of government-to-government (G2G) and person-to-government (P2G) collections and payments. The PESONet is also an opportunity for smaller industry players such as thrift and rural banks to have greater participation in the retail payment system.

The Philippine Clearing House Corporation (PCHC) is the designated clearing switch operator for PESONet for a two-year transitory period beginning from the time of PESONet’s launch.

PESONet Participants

 
 

InstaPay

InstaPay is a real-time low-value EFT credit push payment scheme for transaction amounts up to P50,000. This retail payment system, launched on 23 April 2017, is designed to facilitate small value payments that will be especially useful for the purchase of retail goods, paying toll fees and tickets, as well as for e-commerce, which shall enable, among others, Micro, Small and Medium Enterprises (MSMEs). 

Instapay

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Payment products can be built on InstaPay that will enable merchants to accept electronic payments from both e-money and bank accounts even without the usual point-of-sale (POS) device used for cards.  By using electronic payments, MSMEs will be able to build a rich digital transaction history that could help establish their creditworthiness and provide them access to credit from formal lending institutions at a price that reflects their good risk profile. This shows that the benefits of using electronic payments especially by MSMEs go beyond convenience and affordability. Electronic payments can even provide greater access to other financial services.

BancNet is the designated clearing switch operator for InstaPay for a two-year transitory period beginning from the time of its launch.

Instapay Participants