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.
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.
The list below is based on Philippine Clearing House Corporation, updated as of November 2020.
Source: BSP Website
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
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.
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 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
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:
You may either call or go to the nearest branch to immediately inform them of the incident.
Be ready to provide the following information:
PESONet and your bank will attempt to help you retrieve the funds which were transferred to the wrong account
The final credit to the payee/beneficiary account may not be successfully processed by the receiving bank for several reasons, such as:
Please ensure to obtain the correct account information from your payee to avoid delays in the credit to the beneficiary account.
Source: PhilTrust Bank
MySSS Pension Booster is a provident fund/savings program composed of two (2) retirement savings schemes…
Is your employer requiring you to submit your SSS Employment History print out? Here's an…
Is your employer requiring you to submit your SSS Contribution print out? Or you just…
Did you know that SSS has a pension calculator on their website? If you are…
If you're a SSS senior or retiree pensioner that has struggles with money and needed…
DAEM or Disbursement Account Enrollment Module is a requirement for covering pensioners and individual members…