BSP reminds BSFIs with InstaPay and PESOnet services to provide customer service on holidays

The Bangko Sentral ng Pilipinas (BSP) reminds BSP-Supervised Financial Institutions (BSFIs) that provide PESONet and InstaPay services to ensure the availability of customer services during non-working days.

The BSP issued the reminder in anticipation of the public’s continued use of digital payments over the holidays and long weekends. This is in line with the central bank’s broader efforts to promote financial consumer welfare.

In a memorandum dated 30 March 2023 (https://bit.ly/M2023-011), the BSP said BSFIs must ensure the uninterrupted availability of their contact channels—including hotlines, emails, and chatbots—to receive consumer concerns. Furthermore, the BSFIs are also advised to ensure timely and adequate responses to concerns sent via these channels.

PESONet is a batch electronic fund transfer service that is a viable alternative for checks and recurring payments.  On the other hand, InstaPay is a real-time, low-value payment substitute for cash transactions.