29 November 2018

Electronic Payments in the Philippines through Pesonet

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Corporate Customer Advisory: Electronic Payments in the Philippines through Pesonet

At HSBC, we continuously promote Electronic Funds Transfer (EFT), as a faster and more efficient way to make a payment.

As a corporate customer, you can execute EFTs to a domestic counterparty, holding an account with a bank or an Electronic Money Issuer (EMI)1, participating in any of the domestic payments systems, such as PesoNet2 or PhilPass (Philippine Payments and Settlement System)3.

Through HSBCnet, you can use any of the payment types currently available for domestic EFTs, as described below:

  HSBC Channels Payment System Charging
Payment Type HSBCnet HSBCnet
Mobile
PesoNet PhilPass Remitter Beneficiary
Priority Payment   PHP150 None
Priority Payment with “RTGS” code word   PHP500 Subject to
receiving
bank’s pricing
ACH4 Payment   PHP150 None

 

You can download the Payments and Transfers user guide from HSBCnet for additional information. Should you have any further clarifications, you may contact your designated Client Service Manager.

1 Electronic Money Issuers (EMI) are institutions authorized by the Bangko Sentral ng Pilipinas to issue electronic money instruments such as monetary value stored in cash cards, electronic wallets, stored value cards and similar products. Retrieved from http://www.bsp.gov.ph/publications/media.asp?id=2027

2 Philippine EFT System Operations Network (PESONet) is one of the ACH infrastructures under the National Retail Payments System, which facilitate same day and full value transfer of funds among participant banks, electronic money issuers and mobile wallet operators. Payments through this system are most suited for bulk payments. Retrieved from https://www.pesonet.info/

3 Philippine Payment and Settlement System (PhilPass) is the real time gross settlement system owned and operated by the Bangko Sentral ng Pilipinas that processes and settles interbank high value payment transactions. Retrieved from http://www.bsp.gov.ph/payments/philpassoverview.asp

4 Automated Clearing House

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