Philippine banks embrace real-time electronic fund transfer system

Both Instapay and Pesonet have seen banks grow to 47 and 42 respectively.

The number of participating banks in the two automated clearing houses in the Philippines have grown with InstaPay members more than doubling to 47 from 20 since its launch in April 2018, reports Philippine Star. 

Also read: Philippine banks to roll out electronic fund transfer by end-November

Launched under the National Retail Payment System, InstaPay enables 24/7 real-time electronic retail payments where individuals, businesses and institutions can send and receive funds of up to $939.42 (PHP50,000) per transaction in a day. The interoperability of the service allows users to carry out transactions across different banking providers.

Also read: E-wallets to snap up 6% of Philippine payments by 2022

On the other hand, 42 banks are already participating in the Philippine EFT System and Operations Network (PESONet) launched in November 2017 which facilitates batch or volume payment transactions maintained in different financial institutions.

The launch of both ACHS are part of the National Retail Payment System Framework (NRPS) which aims to increase the share of electronic payments by at least 20% in 2020.