BANGKO Sentral ng Pilipinas will roll out in the first quarter of 2018 Instapay, another automated clearing house that will be useful for e-commerce payments in which people can just use a card or phone in paying any transactions.
Instapay will follow the successful launch on November 2017 of PESO Net, the first clearing house under the National Retail Payment System, as part of efforts to establish a safe, efficient and reliable payment framework in the country.
“We are working on it… Hopefully we can launch it late in the first quarter of 2018,” Bangko Sentral deputy director and National Retail Payment System project head Raymond Estioko told reporters.
Estioko said the only remaining issues before the regulator could launch Instapay were the clearing rules and agreements.
“… We would like to make sure that the clearing rules and agreements are aligned with the NRPS framework issued under Circular 980,” he said.
Estioko said the agreements between banks included how the money would be transferred from one institution to another.