PESONet adds Midday batch settlement
Starting 01 August 2024, the PESONet will include a midday cycle, bringing the batch settlements to three. The new cycle joins the original two settlements that take place in the morning and at the end of each banking day.
PESONet is the batch electronic funds transfer service that serves as an alternative for checks and recurring payments.
The rollout of the midday cycle shortens clearing intervals within a banking day, improves user experience by enabling faster crediting of funds to recipients’ accounts, and facilitates easier cash flow management for businesses.
___________________________________________________________________________
FREQUENTLY ASKED QUESTIONS
1. What is PESONet 3MBS?
PESONet 3MBS (3 Multiple Batch Cycles) is the initiative of PESONet ACH to add a 3rd processing/clearing cycle within a business day, as
follows:
2. When was the PESONet 3MBS launched?
The PESONet 3MBS was officially launched on August 1, 2024. Participants were requested to follow the 3MBS processing and settlement scheduled since PESONet 3MBS was made available last June 10, 2024 for its test run and eventually received approval to be launched on August 1, 2024.
3. Will there be a grace period after the settlement cut-off under 3MBS?
The grace period shall be limited to 15 minutes after settlement cut-off. Participants must transmit the transactions and fund their DDA within 15 minutes of the settlement cut-off to avoid issues. Participants must also consider non-PESONet items queued in Philpass .
4. What happens if there is insufficient balance on my DDA after the settlement cut-off grace period?
In the event that the Participant has insufficient balance on its DDA for PESONet settlement, all transactions of that Participant are withdrawn from the batch. The Participant shall have the option to send these withdrawn transactions on the next settlement cycle. The penalties for abolished transactions shall apply.
5. When shall the CSO Inward Clearing Advise be available to participants?
The CSO Inward Clearing Advise shall be available 30mins after the settlement cut-off:
6. What is the SLA for crediting of customer funds?
The standard SLA for crediting of funds is 2 hours from receipt of inward clearing advise. For the initial implementation of 3MBS, the RFIs are given a 1-hour grace period but must ensure that customer funds are credited no later than 3 hours from settlement cycle.
7. What is the SLA for feedback/status update?
The RFI must provide the status of the transactions before the start of the next settlement cycle. For the last settlement cycle, feedback must be provided not later than 11:00pm. The 98% minimum requirement for feedback status update submission and the corresponding penalties for non-compliance shall continue to apply.
8. How will Participants respond to customers who might ask about the earlier credit to their accounts?
PESONet has officially launched and included a new settlement cycle (1:00PM), increasing the settlement cycles to three (10:00 AM, 1:00 PM, and 4:00 PM). Transactions for each cycle are expected to be credited as outlined in section #6.
Participants that are able to send their transactions before 1 PM, to participate in the new settlement cycle. Hence, this may result in an earlier credit to the accounts of the beneficiaries.
2. When was the PESONet 3MBS launched?
The PESONet 3MBS was officially launched on August 1, 2024. Participants were requested to follow the 3MBS processing and settlement scheduled since PESONet 3MBS was made available last June 10, 2024 for its test run and eventually received approval to be launched on August 1, 2024.
3. Will there be a grace period after the settlement cut-off under 3MBS?
The grace period shall be limited to 15 minutes after settlement cut-off. Participants must transmit the transactions and fund their DDA within 15 minutes of the settlement cut-off to avoid issues. Participants must also consider non-PESONet items queued in Philpass .
4. What happens if there is insufficient balance on my DDA after the settlement cut-off grace period?
In the event that the Participant has insufficient balance on its DDA for PESONet settlement, all transactions of that Participant are withdrawn from the batch. The Participant shall have the option to send these withdrawn transactions on the next settlement cycle. The penalties for abolished transactions shall apply.
5. When shall the CSO Inward Clearing Advise be available to participants?
The CSO Inward Clearing Advise shall be available 30mins after the settlement cut-off:
6. What is the SLA for crediting of customer funds?
The standard SLA for crediting of funds is 2 hours from receipt of inward clearing advise. For the initial implementation of 3MBS, the RFIs are given a 1-hour grace period but must ensure that customer funds are credited no later than 3 hours from settlement cycle.
7. What is the SLA for feedback/status update?
The RFI must provide the status of the transactions before the start of the next settlement cycle. For the last settlement cycle, feedback must be provided not later than 11:00pm. The 98% minimum requirement for feedback status update submission and the corresponding penalties for non-compliance shall continue to apply.
8. How will Participants respond to customers who might ask about the earlier credit to their accounts?
PESONet has officially launched and included a new settlement cycle (1:00PM), increasing the settlement cycles to three (10:00 AM, 1:00 PM, and 4:00 PM). Transactions for each cycle are expected to be credited as outlined in section #6.
Participants that are able to send their transactions before 1 PM, to participate in the new settlement cycle. Hence, this may result in an earlier credit to the accounts of the beneficiaries.
Recent Posts
