Specifically, Circular No. 1195 of May 30, 2024 aims to enhance customer trust in digital payments by ensuring timely resolution of concerns, the BSP said in a statement.
Under the new rules, originating financial institutions must notify senders about the status of their EFTs and provide periodic updates until issues are resolved.
For InstaPay transactions, if funds are not received by the beneficiary, they must be returned to the sender’s account within one hour.
For PESONet transactions, the return must occur within two hours from receipt of clearing advice.
These requirements significantly reduce the current response times, which typically take two to three banking days, the central bank said.
The circular also mandates 24x7 customer support and adherence to BSP's Financial Consumer Protection guidelines, with full compliance expected by January 1, 2025.
