Nine Philippine banks onboard electronic fund transfer system InstaPay

Around 18 more lenders are expected to use the platform by October.

Nine Philippine banks have already onboarded the electronic money transfer InstaPay with 18 more lenders expected to do real-time fund transfer by October, the Philippine Payments Management Inc. (PPMI) was quoted in The Manila Times. 

They are Asia United Bank Corp. (AUB), Banco de Oro Unibank Inc. (BDO), China Bank Savings Inc., China Banking Corp., Equicom Savings Banks Inc., Metropolitan Bank and Trust Co. (Metrobank), Philippine Savings Bank (PSB), Security Bank Corp., and Union Bank of the Philippines (UnionBank).

Launched last April under the National Retail Payment System, InstaPay is an automated clearing house enabling electronic retail payments in real-time. Individuals, businesses and institutions can both send and receive funds of up to $939.42 (PHP50,000) per transaction in a day.

The launch was part of the National Retail Payment System Framework (NRPS) which aims to increase the share of electronic payments by at least 20% in 2020.

The PPMI has given banks two months to prepare their frameworks in preparation for the new technology.

“Right now, we only have nine banks who can both send and receive. We also have 18 banks who can only receive, but the ACH (automated clearing house) steering committee has given the deadline that by Oct. 1, all participant banks and institutions of the InstaPay should be able to send and receive,” Carmelita Araneta, general manager of the PPMI told local media.