Manila, Philippines – A new circular from the Bangko Sentral ng Pilipinas was issued for banks and other financial institutions recently in an effort to address consumer concerns related to electronic fund transfers.
According to Circular No. 1195, the originating financial institution must inform the sender regarding the accurate status of the electronic fund transfer.
The receiving financial institution, on the other hand, shall notify the beneficiary once the funds are credited to their account.
Provisions of the circular also extend to requiring automated clearing houses to adopt a common language. This approach ensures customers can determine the actual status of the fund transfers and inform users regularly until the concern is settled.
Banks and electronic money issuers of the InstaPay and PESONet automated clearing houses, as well as clearing switch operators like BancNet, Inc., and the Philippine Clearing House Corporation, are all subject to complying with the circular.
Talking about the initiative, the BSP emphasised that prompt resolution of customer concerns on electronic funds may foster trust and confidence in digital payment systems.
