Push Admin

The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News

Article (news)

Bangko Sentral ng Pilipinas

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171809374827820240215-bsp-cafade-logo-JC-5.jpg" class="fr-fic fr-dib" alt="The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. <em>Jonathan Cellona, ABS-CBN News</em></span></span></span></span></div><p>MANILA — The Bangko Sentral ng Pilipinas (BSP) has issued a circular on how banks and other financial institutions should address consumer concerns on electronic fund transfers.</p><p>Under Circular No. 1195, the originating financial institution (OFI) shall notify the sender regarding the accurate status of the electronic fund transfer.</p><p>The receiving financial institution shall also inform the beneficiary upon successful crediting of funds to the beneficiary account. </p><p>The circular also said that automated clearing houses must adopt a common language that will enable customers to determine the actual status of the fund transfers, and notify users regularly until the concern is resolved. </p><p>The circular covers banks and electronic money issuers of the InstaPay and PESONet automated clearing houses, and clearing switch operators such as BancNet, Inc. and the Philippine Clearing House Corporation.</p><p>The BSP said timely resolution of customer concerns on electronic fund transfers can build trust and confidence on the use of digital payments. </p><p>The BSP was aiming to raise the share of digital payments in retail transactions to 50 percent for 2023 in line with its Digital Payments Transformation Roadmap.</p><div><a href="https://news.abs-cbn.com/business/2024/3/6/bsp-confident-it-hit-digitalization-target-for-retail-payments-1706">BSP confident it hit digitalization target for retail payments</a></div><div><strong>RELATED STORY:</strong></div><div><span id="isPasted"><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/9nWDoN3NKOg?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></span></div>

<p>The Bangko Sentral has issued a circular that states how banks and other financial institutions should address consumer concerns about electronic fund transfers.</p>

The Bangko Sentral has issued a circular that states how banks and other financial institutions should address consumer concerns about electronic fund transfers.

BSP issues rules for addressing problems with electronic fund transfers

News

Entertainment

Lifestyle

Sports

Metro.Style

More

BINI

Sudoku

Word of the Day

Lotto

Horoscope

Business

BSP issues rules for addressing problems with electronic fund transfers

ABS-CBN News

Published June 11, 2024 04:24 PM PHT

Read More:

Bangko Sentral

electronic fund transfers

electronic payments

PESONet

Instapay

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

ABS-CBN Newsletter

Your go-to source for the latest news, entertainment highlights, exclusive interviews, and updates on your favorite Kapamilya stars.

Sign Up

I have read and agree to the Terms and Privacy Policy.

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.