The Securities and Exchange Commission just recently approved the merger of BancNet and the Philippine Clearing House Corporation (PCHC), which officially creates a unified infrastructure company under the name Payments Network of the Philippines Inc (PNPI), designed to strengthen the local digital payments ecosystem.

The latest corporate approval follows an earlier authorisation from the Bangko Sentral ng Pilipinas.

Company representatives announced that the operational merger officially took effect on 1 June 2026.

According to InsiderPH, BancNet remains the surviving legal entity following the merger, but the company will retain the BancNet brand for its automated teller machine (ATM) network operations.

They also mentioned that the management will also maintain the PCHC brand specifically for its cheque clearing services.

The merger combines two of the most important switch operators in the country into a single unified organisation.

The central bank currently recognises both companies as Operators of Designated Payment Systems.

BancNet operates the InstaPay platform while PCHC manages the PESONet system alongside domestic dollar transfers.

Industry experts expect the consolidation to improve operational efficiency and boost interoperability across all transaction channels.

The move aligns with broader regulatory efforts to modernise the financial landscape and increase nationwide transaction adoption.

BancNet Chair Nestor Tan stated that the merger represents a transformative step toward a future ready national system.

“By combining the strengths and expertise of BancNet and PCHC, PNPI will be in a stronger position to support BSP’s digital payments transformation agenda for the country and deliver greater value to banks and other financial institutions, businesses, and consumers,” Tan said.

PCHC Chair Joseph Gotuaco noted that the new entity will enhance the safe processing of electronic transactions.

Gotuaco added that the organisation will work closely with regulators and stakeholders to advance secure and inclusive networks.

Executives plan to announce additional details regarding integration initiatives in the coming months.

Featured image: Edited by Fintech News Philippines based on an image by digitizesc via Magnific.