Financial Blog

Good news for our banking customers! There’s a new system that guarantees a faster, safer, and more affordable way of transferring funds online. As part of the BSP’s thrust to modernize the country’s retail payment system, the Philippine EFT System and Operations Network (PESONet) was launched.

PESONet is the first automated clearing house of the country under the National Retail Payment System (NPRS). It is a much more inclusive batch electronic fund transfer (EFT) credit payment stream, enabling both businesses and consumers to make payments and transfer funds electronically from one account to another using any digital device.

Through PESONet, businesses, the government, and individuals will be able to conveniently initiate electronic fund transfers and recurring payments from the sender’s accounts maintained in BSP supervised financial institution (BSFIs), such as banks and other non-bank electronic money issuers (NB EMIs), to corresponding recipient accounts in other BSFIs.

Funds can be made available to the recipient account/s within the same banking day or immediately upon clearing. Payees also receive the funds transferred in full and shall not pay for electronic crediting to their accounts.

PESONet is now available in all Security Bank branches via over-the-counter transactions.

Watch the video below for a quick primer on PESONet:

See below table for the full list of PESONet Member Banks:

To learn more, you may visit www.pesonet.info/

Source: Bangko Sentral ng Pilipinas