PESONet Transactions Sees Massive Spike With Multi-Batch Settlement Launchby Fintech News Philippines August 22, 2022
The total value of PESONet transactions jumped by 48.1 percent year-on-year, reaching PHP 2.9 trillion in the first half of 2022, following the rollout of the PESONet’s Multiple Batch Settlement (MBS) facility.
The number of transactions processed through PESONet also increased by 28.7 percent, totaling 40.8 million during the same period.
The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) launched the MBS in January this year to increase the frequency of PESONet settlements from once to twice a day. Settlements are done at 10 AM and 4 PM on weekdays.
The PESONet MBS increased the frequency by which payments are received by beneficiaries, allowing for faster clearing and settlement of personal transactions.
This enhancement reduced production cycle time and improved business productivity as funds are received by and made available to the payees earlier.
PESONet is a batch electronic fund transfer system that serves as an alternative to the paper-based check system.
It is an automated clearing house established under the BSP’s National Retail Payment System, which provides the policy framework to promote the establishment of a safe, efficient, and reliable retail payment system in the Philippines.
Through PESONet, businesses, the government, and individuals will be able to conveniently initiate electronic fund transfers and recurring payments from the sender’s accounts maintained in BSP supervised financial institution (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’s account within the same banking day or immediately upon clearing.
Payees receive the funds transferred in full and a minimal fee will be applied for the electronic crediting to their accounts.
The PESONet MBS supports the BSP’s goals of digitalising at least 50 percent of total retail payments in the country, and onboarding at least 70 percent of Filipino adults into the financial system by 2023.