Tech This Week: Fast and Reliable Electronic Funds Transfer

How do you send money to your loved ones? I find it inconvenient to queue at the bank or money transfer just to send money. I want fast and reliable way to electronically transfer funds and I think you feel the same way.

PESONet, which is a batch electronic fund transfer credit (EFT) payment stream, is the first automated clearing house (ACH) under the National Retail Payment System (NRPS).

The Bangko Sentral ng Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) announced that PESONet, the Philippine's first Automated Clearing House (ACH) under the National Retail Payments System (NRPS), is now available and accessible in more than 40 banks nationwide.

PESONet Fast and Reliable Electronic Funds Transfer

PESONet will provide consumers and businesses more affordable and convenient payment services.

The NRPS is the landmark program of the BSP to create an efficient, safe, reliable and interoperable electronic payments system in the Philippines. It was launched by the BSP in 2015. In 2017, the payments industry signed the charter creating the country’s payment system management body. This body was later incorporated into the Philippine Payments Management Inc. or PPMI. The PPMI is the industry-led self-governing body recognized by the BSP to help implement and oversee the NRPS principles.

At the moment, 58 financial institutions have already signed up with PESONet, with 43 of them already receiving PESONet transactions. For wider usage, 22 institutions have made PESONet available in both their online and mobile phone channels.

With PESONet, financial institutions such as universal, commercial and thrift banks and soon, non-bank electronic money issuers (EMIs), can provide individuals and businesses with a platform where they can conveniently, safely, speedily and affordably pay or transfer funds to recipients with accounts in other financial institutions. Being digital in nature, transactions can be done anywhere, using any electronic device such as desktops, laptops, tablets or mobile phones.  And the best part with PESONet is beneficiaries receive payments on the same day and with no fees nor deductions.

A digital platform like PESONet offers individuals and businesses a variety of benefits. The Better Than Cash Alliance, in their study “The Future of Supply Chains: Why Companies Are Digitizing Payments,” said that through digital payments, real benefits are accrued “not just for companies but also their employees, suppliers, distributors, and the communities they work in.” These benefits include improved efficiency, increased revenue, greater transparency and security, plus stronger business relationships. Individuals, on the other hand, will have greater access to more financial services.

Lazada Philippines is one of the early adopters of PESONet. The company followed developments in PESONet after the NRPS initiative was announced, and first tested it in December 2017. Jonathan Bates, Vice President for Finance of Lazada Philippines, said they started using PESONet in January 2018 for compliant banks that tested it successfully.

PESONet will help both businesses and consumers to make electronic payments faster. PESONet financial institutions who have made enabled services available on their online channels include ANZ Bank, Bank of America, Bank of China, Citibank, CTBC Bank, Deutsche Bank, Development Bank of the Philippines, Eastwest Bank, HSBC, JP Morgan Chase Bank, Maybank, MUFG Bank, Ltd, Mizuho Bank, PNB, PSBank, Robinsons Bank, Shinhan Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, UCPB, Unionbank and Yuanta Savings Bank , among others.

For more details about PESONet, visit PESONet participating banks’ websites, or visit


  1. pwede sya sa payment and remmitance and andami nyang partners din. so anytime anywhere less hassle ang money transactions mo. wow! ang bongga pala ng Pesonet. ang cute din ng title.

  2. Hays. Salamat at may PESOnet na! Laking tulong niyan lalo na kapag may mga emergency at kailangang kailangan ng fund transfer sa mismong araw at hindi mo nA kailangan pna maghintay ng kinabukasan. Super hassle-free talaga. :) Thank you sa magandanng balita na ito at sa pagshare sa blog mo Ms. Marjorie. Godbless you :)


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