BSP issues rules for addressing problems with electronic fund transfers | ABS-CBN
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BSP issues rules for addressing problems with electronic fund transfers
BSP issues rules for addressing problems with electronic fund transfers
ABS-CBN News
Published Jun 11, 2024 04:24 PM PHT
The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News
The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN NewsMANILA — 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.
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.
Under Circular No. 1195, the originating financial institution (OFI) shall notify the sender regarding the accurate status of the electronic fund transfer.
Under Circular No. 1195, the originating financial institution (OFI) shall notify the sender regarding the accurate status of the electronic fund transfer.
The receiving financial institution shall also inform the beneficiary upon successful crediting of funds to the beneficiary account.
The receiving financial institution shall also inform the beneficiary upon successful crediting of funds to the beneficiary account.
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.
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.
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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.
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.
The BSP said timely resolution of customer concerns on electronic fund transfers can build trust and confidence on the use of digital payments.
The BSP said timely resolution of customer concerns on electronic fund transfers can build trust and confidence on the use of digital payments.
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.
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.
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