Let’s volt in! Banks, fintech players agree on interbank fund transfers
Now, anyone can send and receive money even to different banks.
Banks and non-bank financial services companies have signed up for the PESONet, which is a new clearing house that would process fund transfers across different banks and e-money issuers.
The 33 firms agreed to use the new platform as guided by the Bangko Sentral ng Pilipinas (BSP), with the promise of transferring and crediting money sent through digital channels within the same day.
Senders of the funds will authorize the transfer of money to another account for a small fee. PESONet will clear the payment and allow the second bank or e-wallet provider to receive and credit the funds to the receiver’s account.
BSP Governor Nestor Espenilla, Jr. said this will potentially replace paper cheques.