The Bangko Sentral ng Pilipinas (BSP) on Monday launched InstaPay, an electronic fund transfer (EFT) system that allows interbank money transfer and payments across participating financial institutions.
The launch of this innovative service is one of BSP’s move to create a “cashless economy.”
InstaPay will provide convenience of electronic fund transfer and avoiding the long queues in bank with traditional over-the-counter services and money transfer agents. Further, it will be a 24/7 banking with no cash limit and provide same day fund availability.
InstaPay will soon be integrated in the system of partner banks and non-bank partners making it easy for customers to avail.
List of bank partners that can SEND and RECEIVE money through InstaPay
- Asia United Bank (AUB)
- BDO Unibank
- China Banking Corporation
- China Bank Savings
- Equicom Savings Bank
- Security Bank
- Union Bank of the Philippines
List of bank and non-bank partners that can RECEIVE (only) money through InstaPay
- CTBC Bank
- EastWest Bank
- Land Bank of the Philippines
- Metropolitan Bank and Trust Company
- PhilTrust Bank
- Philippine Savings Bank
- Rizal Commercial Banking Corporation
- Robinsons Bank
- Sun Savings Bank
- United Coconut Planters Bank
- Yuanta Savings Bank
More banks are said to have applied for activation and integration of InstaPay in their system in the coming months.