The Bangko Sentral ng Pilipinas (BSP), with the Philippine Payments Management Inc. on Monday said it has launched Multiple Batch Settlement (MBS) facility of the PESONet electronic fund transfer service.
The BSP said the MBS facility, which went live on Monday morning, increases PESONet’s daily batch settlement to two cycles on a banking day.
PESONet used to have only one batch settlement of fund transfers at the end of the banking day, it added.
“This new feature enhances the user experience as it allows faster crediting of funds to the recipient’s account. PESONet MBS allows for better risk management for participating banks and electronic money issuers as settlement of transactions may be divided within two cycles in a banking day,” said BSP Governor Benjamin Diokno in a statement.
The morning and end of day settlement cycles of PESONet fund transfers also seek to address the demand of the business community for shorter clearing intervals, the central bank said.
“With PESONet MBS, businesses can manage their cashflows better. For example, a business can ensure timely crediting of payroll funds since PESONet MBS allows the transfer of funds and the receipt of the same by employees within the same banking day,” Diokno said.
“Since funds are made available earlier, PESONet MBS can cut production cycle time that boosts economic productivity,” he added.
With more frequent settlement cycles under PESONet MBS, person-to-government payments made via EGov Pay will also be improved.
EGov Pay is an online facility that allows citizens to pay taxes and other fees due to government institutions, including permits and fees.
“A growing volume of pension, social security benefits, and government aid have been disbursed digitally through PESONet. In 2021, the value of SSS disbursements coursed through PESONet reached P158.47 billion and there is room for further growth with the launch of these digital initiatives,” Diokno said.
Launched in November 2017, PESONet is the first automated clearing house under the National Retail Payment System, and can be considered as an electronic alternative to paper-based check payments, the BSP said.