BANK of China-Manila announced last Monday it has interconnected its systems with InstaPay, an electronic fund transfer service.
The interconnection allows customers to transfer peso-denominated funds instantly between accounts of participating BSP-Supervised Financial Institutions, the lender said.
This also allows the bank’s retail customers to transfer funds from person-to-person via account number, QR code or multi proxy service, it added.
“With rising demand for digital fund transfers over traditional paper transactions, Bank of China continues to realign its processes to effectively engage and support the growing digital customer base. With InstaPay, Bank of China will be able to provide a safe, reliable, convenient, and zero-wait fund transfer facility,” the bank said.
Bank of China’s customers can access InstaPay via the lender’s online and mobile difgital platforms. Beneficiaries receive funds in real time.
It also has an enhanced safety feature through its ISO-20022 message format, which makes InstaPay one of the most secure payments services in the Philippines.
Additionally, Bank of China can process fund transfers that enables InstaPay payers and payees to use a mobile number or email address in fund transfers instead of bank account number. This leads to improved security, enhanced validation, as well as increased adoption and usage of real-time payments.
“As Bank of China moves forward its digital transformation journey, it will continually look for ways to better serve its clients in support of the BSP Digital Payments Transformation Roadmap 2020-2023 that encourages the availability of more innovative and responsive digital financial products and services for clients,” the bank said.