THE Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management Inc. launched the Multiple Batch Settlement (MBS) facility of the PESONet electronic fund transfer service on Monday.
The MBS—which went live this morning, according to the BSP—effectively increases PESONet’s daily batch settlement to two cycles in a banking day from the one batch settlement of fund transfers at the end of the banking day.
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.
BSP Governor Benjamin E. Diokno said the MBS not only would allow for more volume clearances but also helps in the risk management of participating banks.
“[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.
The governor also said the morning and end-of-day settlement cycles of the PESONet fund transfers aim to address the demand of the business community for shorter clearing intervals to better manage cash flows.
“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.”
With more frequent settlement cycles under the PESONet MBS, person-to-government payments made via EGov Pay will also be improved, according to the central bank governor.
EGov Pay is an online facility that allows citizens to pay taxes and other fees due to government institutions, including permits and fees.
In 2021, the value of disbursements of the state-run pension-fund manager Social Security System coursed through PESONet reached P158.47 billion.