• Electronic Fund Transfer Network (EFTN)

As more and more payment channels flourish, the need to upgrade PDDTS and EPCS will become inevitable. PCHC will soon deploy a new clearing system that will allow both peso and dollar (with provision for accepting into the system any other internationally accepted currencies) to be transmitted/exchanged between participating banks. The new system will be called the Electronic Funds Transfer Network or EFTN.

The EFTN will operate as a real-time batch processing and delivery hub for EPCS and PDDTS transactions providing for the distribution and settlement of electronic credits and debits among all participating banks.

How does it work?

  • Participating banks in the EFTN Network will be inter-connected via communication lines. Transaction files are delivered to the BEFTN clearing system via the bank’s Presenting Bank Module (PBM) server.
  • The PBM server processes the EFT files received from the bank in order to detect any inconsistencies, duplicate or stale files at the earliest opportunity. This is to allow the originating bank sufficient time to fix the errors and resubmit the file.

  • All transactions will be calculated into a single multilateral netting figure for each individual bank.
  • Items processed in the EFTN will be distributed to their intended receiving banks.
  • Final settlement will take place using accounts that are maintained with the BSP for Peso and Citibank for Dollar.

EFTN processing of EFT transactions at PCHC will be premised on the member banks using suitable software components to generate the transaction data for originating EFT transactions, as well as receiving, validating, and making pay/no-pay decisions for EFT transactions that are received in accordance with the Rules.