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UCPB launches PESONet fund transfer service

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UNITED COCONUT PLANTERS BANK (UCPB) has launched the Philippine Electronic Fund Transfer System and Operations Network (PESONet) service on its mobile application, allowing clients to transfer funds electronically.

In a statement on Tuesday, the state-owned UCPB said it launched the PESONet service via UCPB Connect, its mobile banking application.

Through PESONet, customers can now send money electronically to over 40 PESONet receiving banks, electronic money issuers and other financial firms.

PESONet collates transfer instructions and processes them in batches, with funds transferred available by the end of the banking day.

The service collects a fee charged to the sender, with the receiver credited with the transferred amount in full.

PESONet is the first automated clearing house (ACH) under the National Retail Payment System (NRPS) of the Bangko Sentral ng Pilipinas (BSP).

The central bank hopes to shift cash-heavy transactions to digital avenues — which, in turn, should help broaden access to financial services and spur increased economic activity.

In the statement, UCPB Vice-President and Head of Marketing Charina D. Balanquit said the state-owned lender is “one with BSP in its goal to improve the country’s e-payment systems.”

“We commend the BSP for driving and enabling inter-connectivity among participants in the payment ecosystem, and of course, [the Philippine Clearing House Corp.] and our fellow participating banks for making all of these happen,” Ms. Balanquit was quoted as saying in the statement.

Aside from PESONet, UCPB said InstaPay will soon be made available to clients.

InstaPay is another ACH which processes transfers worth P50,000 or less, with the money credited immediately to receivers.

Earlier this month, the central bank, through Memorandum No. M-2018-026, ordered all banks and other institutions it regulates to have electronic banking and interbank transfers in place by Nov. 30.

These services should be offered via InstaPay and PESONet, which the BSP rolled out earlier this year.

UCPB posted a net profit of P2 billion in the first half of the year, little changed from a year earlier after operating income growth was tempered by higher provisioning for loan losses. — Karl Angelo N. Vidal