China Banking Corporation (China Bank) and its thrift bank arm China Bank Savings (CBS) are among the 20 financial institutions participating in InstaPay, the electronic fund transfer service recently launched by the Bangko Sentral ng Pilipinas (BSP).
InstaPay allows customers to transfer funds immediately between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines.
China Bank and CBS depositors will be able to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day.
InstaPay is the second automatic payment service under the National Retail Payment System (NRPS) after PesoNet, launched in November last year. The NRPS aims to establish a safe, efficient, affordable, and reliable electronic retail payments system in the country and increase digital transactions to 20% by 2020.