THE Bangko Sentral ng Pilipinas and the Philippine Payments Management Inc. launched the Multiple Batch Settlement facility of the PESONet electronic fund transfer service on Monday.
Launched in November 2017, PESONet is the first automated clearing house under the National Retail Payment System. It can be considered as an electronic alternative to paper-based check payments. “[The] 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,” Diokno added.
“For example, a business can ensure timely crediting of payroll funds since [the] 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, [the] PESONet MBS can cut production cycle time that boosts economic productivity.”
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