It’s a go: Banks offer real-time fund transfer service

Published by rudy Date posted on April 26, 2018

It’s a go: Banks offer real-time fund transfer service

Money can move in a jiffy through this platform.

The Bangko Sentral ng Pilipinas (BSP) has rolled out the InstaPay service on Monday, April 23 meant to process real-time fund transfers across different banks and digital wallets.

In a statement, the central bank said the newest payment channel will process transactions 24/7, with the amounts to be credited just a few seconds after the payment is made.

“Via InstaPay, Filipinos can start enjoying safe and affordable electronic retail payments in real-time. Individuals, businesses, and government institutions will be able to send and receive funds or make payments in real time of up to PHP50,000 per transaction, without limit, in a day,” the BSP said.

These transactions are done online and via bank’s apps, and will eventually extend to electronic money wallets.

“This eliminates the need to go through the trouble of physically travelling and transacting at bank branches or payments counters,” the central bank added.

Nov 25 – Dec 12: 18-Day Campaign
to End Violence Against Women

“End violence against women:
in the world of work and everywhere!”

Invoke Article 33 of the ILO constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of Forced Labour and Freedom of Association protocols.

Accept National Unity Government
(NUG) of Myanmar.
Reject Military!

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October –

17 Oct – Intl Day for the Eradication of Poverty
24 Oct – Global Media & Information Literacy Week
24 Oct – United Nations Day
24 Oct – Disarmament Week
24 Oct – World Development Information Day
31 Oct – World Cities Day
November –
Nov 2 – International Day to End Impunity
for Crimes against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 International Day for the Elimination
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Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
Natl Quality & Productivity Improvement Month
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November –
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
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Weekly Observances
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24: United Nations Week
Last Week: Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
November –
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Oct 24: United Nations Day
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November –
Last Saturday: Career Executive Service Day
Nov 19: National Child Health Day