What is PESONet?

PESONet is a new electronic fund transfer service that enables customers of participating banks, emoney issuers or mobile money operators to transfer funds in Philippine Peso currency to another customer of other participating banks, e-money issuers or mobile money operators in the Philippines.

It is more inclusive platform for Electronic Fund Transfers which will make G2B(Government-toBusiness) and G2C(Government-to-Consumer) payments more practical, convenient, fast, and secure

Through PESONet, businesses, government, and individuals will be able to conveniently pay or transfer funds from their account to one or multiple recipient accounts in other financial institutions. PESONet is the perfect alternative to the still widely used paper-based check system.

What do I need to know about PESONet that concerns to my SSS Membership and Benefit?

The Philippine Social Security System is highly encouraging its members to use direct deposit of SSS benefits and loan proceeds to member’s nominated bank account instead of opting to checks. Opening a bank account in a PESONet Participating Banks and using that account for your SSS Benefits and Loan proceeds allows easy, fast and safe transfer of your benefit or loan and easier withdrawal.

List of PESONet Participating Banks and Channels

The list below is based on Philippine Clearing House Corporation, updated as of November 2020.

Universal and Commercial Banks (U/KBs)

1. Al-Amanah Islamic Investment Bank of the Philippines
2. Asia United Bank Corporation
3. Australia and New Zealand Banking Group Limited
4. Bangkok Bank Public Co. Ltd.
5. Bank of America, N.A
6. Bank of China Ltd. – Manila Branch
7. Bank of Commerce
8. Bank of the Philippine Islands
9. BDO Unibank, Inc.
10. China Banking Corporation
11. CIMB Bank Philippines, Inc.
12. Citibank, N.A
13. CTBC Bank (Philippines) Corporation
14. Deutsche Bank AG
15. Development Bank of the Philippines
16. East West Banking Corporation
17. Industrial Bank of Korea Manila Branch
18. ING Bank, N.V
19. JP Morgan Chase Bank, NA.
20. KEB Hana Bank – Manila Branch
21. Land Bank of the Philippines
22. Maybank Philippines, Inc.
23. Mega International Commercial Bank Co, Ltd.
24. Metropolitan Bank and Trust Company
25. Mizuho Bank, Ltd. – Manila Branch
26. MUFG Bank, Ltd.
27. Philippine Bank of Communications
28. Philippine National Bank
29. Philippine Trust Company
30. Philippine Veterans Bank
31. Rizal Commercial Banking Corporation
32. Robinsons Bank Corporation
33. Security Bank Corporation
34. Shinhan Bank-Manila Branch
35. Standard Chartered Bank
36. Sumitomo Mitsui Banking Corporation – Manila Branch
37. The Hongkong & Shanghai Banking Corporation
38. Union Bank of the Philippines
39. United Coconut Planters Bank
40. United Overseas Bank Limited, Manila Branch

Thrift Banks (TBs)

1. AllBank, Inc.
2. Bank of Makati, Inc.*
3. China Bank Savings, Inc.
4. Equicom Savings Bank, Inc.
5. First Consolidated Bank, Inc.
6. HSBC Savings Bank, Inc.
7. Malayan Bank Savings and Mortgage Bank, Inc.
8. Philippine Business Bank, Inc.
9. Philippine Savings Bank
10. Producers Savings BankCorporation
11. Sterling Bank of Asia, Inc.
12. Wealth Development Bank Corporation
13. Yuanta Savings Bank Philippines Inc.

Rural Banks (RBs)

1. Bangko Mabuhay, Inc.
2. Bank of Florida, Inc.
3. BDO Network Bank, Inc.
4. Camalig Bank, Inc.
5. Cebuana Lhuillier Rural Bank, Inc.
6. Country Builders Bank, Inc.
7. Dungganon Bank, Inc.
8. East West Rural Bank, Inc.
9. Innovative Rural Bank, Inc.
10. Rang-Ay Bank, Inc.
11. Rural Bank of Guinobatan, Inc.

Electronic Money Issuers (EMI) – Others

1. DCPay Philippines
2. G-Xchange, Inc. (GXI)
3. PayMaya Philippines, Inc.

Source: BSP Website

Other Helpful Information regarding PESONet

How does PESONet work?

Customers instruct their financial institution to send credit instructions to other financial institutions via online banking, mobile banking or over-the-counter transaction. They need to provide the payees’ financial institution, account number, and amount.

The credit instruction is transmitted by the financial institution to the clearing switch operator, which currently is the Philippine Clearing House Corporation (PCHC). The funds are settled in the respective financial institutions demand deposit accounts held in Bangko Sentral ng Pilipinas (BSP) through BSP’s Philippine Payments and Settlement System (PhilPaSS).

Upon settlement, the beneficiary’s or payee’s financial institution will credit the payee’s account

How long does it take to transfer funds via PESONet?

The availability of funds to the receiving account shall depend on the facility used to carry out your transaction. But from customer to customer transfer experience, fund transfer thru PESONet is credited instantly/real time.

Are there any fund transfer fees?

Financial institutions may charge fees to the payers for funds transfer transactions. However, payees will receive the funds transferred in full and shall not be charged for electronic crediting to their accounts.
Moreover, for greater transparency, all participating financial institutions are required to disclose to BSP the details of all fees that will be charged to their clients. A bulletin board of fees will then be posted at the BSP website.

If my interbank funds transfer is not successful, how will the money be
refunded to me?

If the beneficiary bank is unable to credit the transaction to your beneficiary (i.e. wrong or invalid account number), the funds should be returned to the sender on the next banking day, and service fees may apply

I have transferred money to the wrong account. How do I attempt to
recover the funds?

As long as a valid account number is provided, the credit to the beneficiary’s account is considered final. We encourage you to ensure the correct account number is indicated in your PESONet transfer.

However, in the event that you provided the wrong account number, a request for recovery will be on a best effort basis subject to the account holder’s consent as well as the beneficiary institution’s internal policies on recovery.

These will take into consideration:

1. Availability of credited funds;
2. Beneficiary account holder’s consent to be debited; and
3. Turnaround time. Returned funds may be subject to servicing fees for the recovery.

You may either call or go to the nearest branch to immediately inform them of the incident.

Be ready to provide the following information:

• Date of transaction
• Your account number from which the funds were debited from
• The wrong account number to which funds were transferred to
• The name of the bank and the branch the funds were transferred to
• The transferred amount
• The transaction reference number if available

PESONet and your bank will attempt to help you retrieve the funds which were transferred to the wrong account

Will there be instances for unsuccessful credit to the receiving bank?

The final credit to the payee/beneficiary account may not be successfully processed by the receiving bank for several reasons, such as:

• Invalid payee account number (may be incorrect, closed, dormant, blocked, frozen)
• The currency of the beneficiary account is not a qualified PHP account

Please ensure to obtain the correct account information from your payee to avoid delays in the credit to the beneficiary account.

Source: PhilTrust Bank