UCPB has launched its InstaPay Service which enables clients to transfer funds real-time to other Philippine bank accounts through UCPB Connect, the Bank’s suite of electronic banking facilities including internet and mobile banking.
InstaPay is the first automated clearing house (ACH) established under Bangko Sentral ng Pilipinas’ (BSP) National Retail Payment System (NRPS) Framework which aims to facilitate and promote electronic payments in the country.
Through the UCPB InstaPay Service, UCPB clients will be able to instantly send and receive funds or make payments of up to PHP50,000 per transaction, with a service fee of only P25 per transaction. The service is accessible 24/7 and eliminates the need for clients to go through the trouble of physically travelling and transacting at bank branches or payment counters.
“InstaPay makes it possible for our clients to enjoy fast, safe, convenient, affordable and seamless transactions with participating banks and e-money issuers in the Philippines. The fund transfer service is geared more for retail payments such as domestic remittances, payments to service providers, e-commerce and peer-to-peer payments,” said Charina D. Balanquit, UCPB Vice President and Head of Marketing Group.
“As BSP Governor Espenilla said, InstaPay moves us closer towards financial inclusion by connecting Filipinos through account-to-account, instant fund transfers or payments. We see a rapid take-up of this service among our customers because it truly brings convenience like no other. Imagine being able to send funds to anyone in the country with a bank account, real-time. Again, we commend the BSP and participating banks for coming together and making this possible for our clients,” she added.
For more details about InstaPay including the complete list of other banks offering this service and to know more about how to transfer funds using the UCPB InstaPay Service, visit www.ucpb.com/fundtransfers/
Date published: December 27, 2018