• SERVICES

Check Image Clearing System (CICS)

Check Image Clearing System (CICS)

With no end in sight for the use of the paper check as a payment instrument, banking institutions which are constantly seeking better, speedier, and more cost-effective processes for the delivery of their services to their customers, cannot disregard the benefits that check truncation provides.

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Electronic Peso Clearing System (EPCS)

Electronic Peso Clearing System (EPCS)

Banks play a vital role in providing payment services to “close the loop” in any business transaction. Whether it be a trade payment between buyer and seller or a simple transfer instruction to credit a personal account, there has to be a facility to clear payment instructions within a large community of banks.

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Philippine Domestic Dollar Transfer System (PDDTS)

Philippine Domestic Dollar Transfer System (PDDTS)

On the initiative of the Bankers Association of the Philippines (BAP) to expedite the clearing of US Dollar Drafts representing dollar remitted by Filipino Overseas Contract Workers (OCW) to local beneficiaries, the FX Clearing and Settlement System was established and began operation on October 1, 1991.

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Project Abstract Secure (PAS5)

Project Abstract Secure (PAS5)

The Authorized Agent Bank (AABs) represented by the Bankers Association of the Philippines (BAP) accepted the obligation of collecting customs duties and taxes and the responsibility to remit accurately and timely to the Government Treasury all such collections.

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Arbitration Committee (ARBICOM)

Arbitration Committee (ARBICOM)

Arbitration is an alternative dispute resolution mode that affords the disputants greater autonomy in the direction and speed of the process, in the choice of arbitrators, and in the cost of the proceedings.

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Electronic Fund Transfer Network (EFTN)

Electronic Fund Transfer Network (EFTN)

The EFTN will operate as a processing and delivery hub for EPCS and PDDTS transactions providing for the distribution and settlement of electronic credits and debits among all participating banks. EFTN will operate in a real-time, batch processing mode. Transaction files are delivered to the BEFTN clearing system via the bank’s Presenting Bank Module (PBM) server.

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Electronic Cheque Clearing System (ECCS)

Electronic Cheque Clearing System (ECCS)

After almost two (2) decades since its live implementation on January 14, 1999, the Electronic Check Clearing System (ECCS) has been officially decommissioned last April 21, 2017. This pave the way for the Full Implementation of the CHECK IMAGE CLEARING SYSTEM (CICS). With this development, the exclusive mode of check clearing is now via electronic presentment.

The need to transport for the presentation of physical checks under the ECCS has been eliminated with the use of CICS facility thereby allowing the participant banks to make the funds available to their clients on the next banking day.

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