PESONet is the solution to all your payment needs
LOAN AND DIVIDEND PAYOUTS
What is PESONet?
PESONet is a new electronic funds transfer service that enables customers of participating banks, e-money issuers or mobile money operators to transfer funds in Philippine Peso currency to another customer of other participating banks, e-money issuers or mobile money operators in the Philippines. For example: a business or government agency who is a customer of Bank A, can pay another business, government agency or person who is a customer of Bank B, or an employee who is a customer of E-money Issuer C.
It is the most convenient, affordable, reliable and secure electronic funds transfer service that government and businesses can use to pay each other and individual persons (e.g. government-to-government, government-to-business, government-to-person, business-to-government, business-to-business and business-to-person), It is also the most practical way for persons to pay, send or remit money to other persons especially for non-urgent transactions.
PESONet is the best payment method for bulk disbursements or payments. It is the perfect alternative to checks!
Improved efficiency (lower costs)
Increased revenue for businesses
Greater transparency and security
Stronger business loyalty and citizen satisfaction
Available for funds transfers from a Philippine account to other Philippine accounts in participating financial institutions
Flexible Transaction Amount
Transfer any amount
Available to accept transactions (volume / bulk) from participating financial institutions for credit to multiple accounts in other financial institutions
Same-day Full Value Transfer
Full value of the funds are made available to payees/beneficiaries on the same day (subject to payer’s financial institution’s cut-off). No deductions to payees!
What is PESONet?
PESONet is a new electronic funds transfer service that enables customers of participating banks, e-money issuers or mobile money operators to transfer funds in Philippine Peso currency to another customer of other participating banks, e-money issuers or mobile money operators in the Philippines.
What is the purpose of PESONet?
Through PESONet, businesses, government, and individuals will be able to conveniently pay or transfer funds from their account to one or multiple recipient accounts in other financial institutions. PESONet is the perfect alternative to the still widely used paper-based check system.
Who are the participating financial institutions?
Click here for a list of participating financial institutions (banks and non-banks).
Are there any fund transfer fees?
Financial institutions may charge fees to the payers for funds transfer transactions. However, payees will receive the funds transferred in full and shall not be charged for electronic crediting to their accounts. Moreover, for greater transparency, all participating financial institutions are required to disclose to BSP the details of all fees that will be charged to their clients. A bulletin board of fees will then be posted at the BSP website.
How long does it take to transfer funds via PESONet?
Funds can be made available to the recipient account/s within the same banking day.
If my interbank funds transfer is not successful, how will the money be refunded to me? What’s the timeline?
If the beneficiary bank is unable to credit the transaction to your beneficiary (i.e. wrong or invalid account number), the funds should be returned to the sender on the next banking day, service fees may apply.
I have transferred money to the wrong account. How do I attempt to recover the funds?
As long as a valid account number is provided, the credit to the beneficiary’s account is considered final. We encourage you to ensure the correct account number is indicated in your PESONet transfer.
However, in the event that you provided the wrong account number, a request for recovery will be on a best effort basis subject to the account holder’s consent as well as the beneficiary institution’s internal policies on recovery. These will take into consideration: (1) availability of credited funds; (2) beneficiary account holder’s consent to be debited; and (3) turnaround time. Returned funds may be subject to servicing fees for the recovery.
How does PESONet work?
Customers instruct their financial institution to send credit instructions to other financial institutions via online banking, mobile banking or over-the-counter transaction. They need to provide the payees’ financial institution, account number, and amount.
The credit instruction is transmitted by the financial institution to the clearing switch operator, which currently is the Philippine Clearing House Corporation (PCHC). The funds are settled in the respective financial institutions demand deposit accounts held in Bangko Sentral ng Pilipinas (BSP) through BSP’s Philippine Payments and Settlement System (PhilPaSS).
Upon settlement, the beneficiary’s or payee’s financial institution will credit the payee's account.
PAYER'S BANK BRANCH
CLEARING SWITCH OPERATOR (CURRENTLY PCHC)
(ONLINE AND MOBILE)
Watch this video to learn more