The new service, called UCPB InstaPay, is the first automated clearing house established under Bangko Sentral ng Pilipinas’ national retail payment system (NRSP) framework and aims to facilitate and promote electronic payments in the country.
Through the new service, UCPB clients will be able to instantly send and receive funds or make payments of up to PHP 50,000 (around USD 952) per transaction at a fixed service fee of PHP 25 (around USD 0.5) for each transaction.
The service is accessible 24/7 and eliminates the need for clients to physically travel and transact at bank branches or payment counters. The transfer of funds can be done through UCPB Connect, the bank’s electronic banking facilities including internet and mobile banking.
The NRPS is a policy and regulatory framework that focuses on providing direction in carrying out retail payment activities through Bangko Sentral-supervised financial institutions by defining high-level policies, principles, and standards that would lead to the establishment of a safe retail payment system.
This framework envisions every Filipino to have easy access to financial services, have accounts to make payments, receive or transfer funds to other accounts anytime, anywhere, and from any digital device.
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