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Sep 14, 2018 @ 16:24

Banks given til November to set up interbank e-payments


The central bank wants all financial players to offer online fund transfers ASAP.

The Bangko Sentral ng Pilipinas (BSP) has stepped up its drive for more digital payments as it has now given a Nov. 30, 2018 deadline for all banks and e-money players to offer interbank fund transfers online.

Specifically, the regulator wants these firms to sign up for the InstaPay and PESONet platforms, which allow as fast as real-time credit of money across banks and e-wallets.

Failure to do so would mean penalties from the BSP. Chop, chop!

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