In an expanding economy, a myriad of solution providers serve a smorgasbord of alternative payment channels for the consumer. This is evident in the increasing number of corporations that use banks’ ATMs for collection purposes. E-Banking thru smart phones is getting a big push from telecoms providers, who continue to sign up banks to make use of their wireless networks. We are witnessing pockets of payment communities being formed among IT Service Providers and the Banks.

The PCHC currently provides electronic payment systems for very specific bank applications, e.g. PDDTS which complements the BSP’s USD Real-Time Gross Settlement (RTGS) payment system. RTGS focuses on high-value, time-critical transfers where participants and their customers are willing to pay a premium for the service.

On the other hand, a cost-efficient batch system is in a better position to address the low-value repetitive payments that characterize the needs of the average individual consumer.

PESONet ACH was launched on November 8, 2017 at 1:00 PM at the Bangko Sentral ng Pilipinas. Aligned with the principles of the National Retail Payments System or NRPS, the PESONet is one of the ACHs established to separate the rule making function from the Clearing Service Operator (CSO).

  How does it work?

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• By logging in to the PCHC Payment Gateway, participants electronically transmit payment instructions by batches to the PESONet Site, create and approved transactions, download netting results and create/upload status updates. Lately, another channel, a Web Service API has been provided for participant banks to automate their services.

• Following the prescribed cut-off time for electronic transmissions, a netting process will then be performed by PCHC.

• Net clearing positions are forwarded by PCHC to the Bangko Sentral ng Pilipinas for posting to the participant banks’ respective DDA accounts.

• The banks’ clearing results and inward data files and reports are also generated by PCHC and made available to the participants for downloading and posting to the accounts of the beneficiaries/depositors.