The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) issued a new regulation to make online money transfers smoother and reliable.
It approved on May 30, 2024 Circular No. 1195 on the Consumer Redress Mechanism Standards for Account-to-Account Electronic Fund Transfers (EFTs) under the National Retail Payment System (NRPS) framework.
The circular focuses on the timely resolution of customer concerns relating to EFTs as this can build trust and confidence on the use of digital payments. It sets out industry-wide expectations on participating banks and electronic money issuers (EMIs) of the InstaPay and PESONet Automated Clearing Houses (ACH) and clearing switch operators (CSO) such as BancNet Inc. and the Philippine Clearing House Corporation.
The BSP said that with this regulation, the originating financial institution (OFI) should notify the sender on the accurate status of EFTs. Periodic notification should also be provided until resolution of the concern involving the EFT.
The receiving financial institution should inform the beneficiary upon successful crediting of funds to the beneficiary account.
