Paper cheques will not go away, according to BSP.
BSP — The Bangko Sentral ng Pilipinas said that it didn’t expect written or paper-based cheques to totally disappear in the Philippines “at least not within the next three years”.
During the launch of the PESONet Multiple Batch Settlement (MBS) last January 24, BSP Governor Benjamin E. Diokno said that while PESONet was designed as an alternative to the paper-based cheques, it wasn’t intended to eliminate the use of the conventional way of making high-value payments.
“While we encourage corporate clients and other users to veer away from paper-based cheques and use the more convenient digital payment options, some businesses may still opt to use cheques for their collections,” Diokno said.
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The central bank on Monday started the PESONet-MBS payment trails and they expected it to accelerate the digitalization of more payment transactions in 2022.
Even as they expected more financial transactions to migrate to PESONet, the country may still have a need for paper-based cheques.
PESONet-MBS was a more frequent settlement of fund transfers since it allowed two cycles within a banking day instead of the previous one cycle.
According to Diokno, PESONet recipients will be able to receive funds at an earlier time than the usual end of banking day. With this enhanced feature, the BSP chief hoped that consumers will be incentivized to use PESONet for greater convenience, better liquidity management, and faster settlement.
BSP Deputy Governor Mamerto E. Tangonan said that with the Multiple Batch Settlement, they could expect to drive up the volume and value of PESONet transactions.
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