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.
In July 2002, the BSP, BAP and PCHC signed a Memorandum of Agreement for the development and implementation of the Electronic Peso Clearing System (EPCS), with PCHC designated as the exclusive service provider. EPCS is an interbank account-to-account fund transfer system that supports bulk, recurring, low-value, less-time sensitive payment and collection transactions.
On November 7, 2017, EPCS transition into PESONet. Prior to its rebranding, PCHC launched the improved version of EPCS which was then called EPCS PLUS. EPCS PLUS transformed into a web-based payment system but initially made provisions for operability with the use of the old system to allow uploading of batches created from the old front-end system.
How does it work?
- 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.