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BSP and Retail Payment Industry Partners Launch Peso Net and Instapay

04.12.2017

BSP AND RETAIL PAYMENT INDUSTRY PARTNERS LAUNCH PESO NET AND INSTAPAY

In ceremonies at the Bangko Sentral ng Pilipinas  Manila, Department of Trade and  Industry  Secretary Ramon Lopez  (3rd from left),  BSP Governor Amando Tetangco, Jr.  (4th from left), and BSP Deputy Governor Nestor Espenilla, Jr. (2nd from left), witnessed the signing of agreements by retail payment industry partners for the Charter creating the Payment System Management Body (PSMB) under the National Retail Payment System (NRPS) Framework. The PSMB envisions to organize direct clearing participants into a self-governing body to assist the BSP in overseeing the National Payment System. Industry partners also signed the expression of intent for the immediate establishment and operationalization of two automated clearing houses (ACHs) –PESONet and InstaPay. Both ACHs enable electronic fund transfers between accounts in any financial institution with the beneficiary receiving the full value of the payment through a safe, efficient, reliable and convenient retail payment system.

Retail  payment  industry  participants  and  stakeholders  present  from  left:  USAID  Philippines  Mission  Economist and Acting Office Director Dr. Stephen Andoseh, UnionBank Chairman and CEO Justo Ortiz, PayMaya President and CEO Orland Vea, Malarayat Rural Bank President Antonio Pasia, and Wealthbank President Gregorio Anonas III.

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