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| PESONet Now Available in 40 Banks Nationwide! |
As a refresher, PESONet was the first Automated Clearing House (ACH) under the National Retail Payment System (NRPS) in the country. With that, its expansion marked the development towards the BSP’s goal to have an efficient electronic payment system that will provide affordable and convenient services to consumers and businesses.
BSP also revealed that around 58 financial institutions have already commit with PESONet, with 43 of them already receiving PESONet transactions. For wider usage, 22 institutions have made it available on their both online and mobile phone channels.
Through PESONet, financial institutions can easily provide individuals and businesses with a platform where they can conveniently, safely, speedily, and affordably pay or transfer funds to recipients with accounts in other financial institutions. Moreover, it will let beneficiaries receive payments on the same day with no fees nor deductions.
“We decided to use PESONet because it’s more efficient than checks or existing bank-to-bank methods, beneficiaries are not charged any transaction fees and more importantly, we wanted to help advance PESONet usage in the country by being an early adopter. That way, we can give feedback directly to the BSP,” Jonathan Bates, Vice President for Finance of Lazada Philippines, addressed as it claimed that they started using it in January 2018 for compliant banks that tested it successfully.
See Also: FINTQ, BSP Launched Inclusive Digital Finance Movement Dubbed as KasamaKa
PESONet financial institutions who have made enabled services available on their online channels include ANZ Bank, Bank of America, Bank of China, Citibank, CTBC Bank, Deutsche Bank, Development Bank of the Philippines, Eastwest Bank, HSBC, JP Morgan Chase Bank, Maybank, MUFG Bank, Ltd, Mizuho Bank, PNB, PSBank, Robinsons Bank, Shinhan Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, UCPB, Unionbank, and Yuanta Savings Bank , among others.
For more information about PESONet, visit its participating banks’ websites, www.pesonet.info, or www.bsp.gov.ph.