The Bangko Sentral ng Pilipinas (BSP) recently designated Instapay as a prominently important payment system (PIPS) pursuant to the National Payment Systems Act. As defined in the Payment System Oversight Framework created by BSP to implement this law, a PIPS is a payment system which may not trigger or transmit systemic risk but could potentially cause adverse economic impact or undermine public confidence in the national payment system or in the circulation of money. As such, PIPS are placed under closer supervision and monitoring by the BSP to protect the public.
Instapay is an electronic fund transfer service that facilitates the sending of money to an account in another bank or e-wallet in real time. It is available on the mobile applications or websites of 69 partner banks and e-wallets.
Instapay is operated by BancNet which, as operator of a designated payment system, is tasked to ensure its safe, efficient, and reliable operations.
