BSP tells banks: Ensure InstaPay, PESONet services during Holy Week break


Posted at Apr 04 2023 10:26 AM

MANILA — The Bangko Sentral ng Pilipinas said on Tuesday its supervised financial institutions or banks must provide continued PESONet and InstaPay services to consumers even during the Holy Week holidays.

InstaPay is a realtime online fund transfer for transactions below P50,000 while PESONet, an alternative to checks, is for funds above P50,000 which usually takes 1 banking day to be processed.

"In a memorandum dated 30 March 2023, the BSP said BSFIs must ensure the uninterrupted availability of their contact channels—including hotlines, emails, and chatbots—to receive consumer concerns," the central bank said.

"The BSP issued the reminder in anticipation of the public’s continued use of digital payments over the holidays and long weekends. This is in line with the central bank’s broader efforts to promote financial consumer welfare," it added.

Banks were also instructed to ensure concerns regarding online transactions would be immediately addressed. 

Both InstaPay and PESONet are part of the BSP's National Retail Payment System (NRPS).


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