oleh admin | Mar 28, 2025 | banking, mobile technology, money, payment processing, rules and regulations
MANILA — The Bank of the Philippine Islands now mandates a revised format for check deposits via its mobile application.
Starting
April 1
Customers planning to deposit their checks digitally should write “BPI/” followed by the payee’s BPI account number above the payee’s name.
Behind the check, they must also include the date of the mobile check deposit along with the payer’s signature.
The previous format mandated that clients write the payer’s account number at the back of the check.
BPI stated that they will process checks in their present form—which looks like what’s depicted below—only up until
March 31.
The bank mentioned that these new rules align with the updated mobile check deposit guidelines set by the Philippine Clearing House Corporation (PCHC).
The lender mentioned that their app’s mobile check deposit feature accepts checks for amounts under ₱500,000.
BPI mentioned that mobile check deposits will follow the same clearing guidelines as those submitted at physical branch locations. Any checks received after 3 PM, on weekends, or public holidays will be handled on the subsequent business day.
BPI reduces InstaPay transfer charges to PHP 10.
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oleh admin | Mar 28, 2025 | business, commerce, news, payment processing, technology
A few weeks following the announcement,
strategic partnership
With the technology solutions company Mosaic Solutions, PayMongo—a prominent local fintech platform—has recently partnered with emerging fintech start-up Mochi to enhance payment and invoicing procedures for their customers. As stated in an official announcement, this partnership aims at streamlining “the way businesses handle accounts receivable and cash flow, guaranteeing quicker transactions and decreased operational bottlenecks as electronic payments gain more popularity.”
As a result, the collaboration intends to provide a cohesive solution aimed at removing manual procedures, boosting transaction security, and improving financial operations efficiency.
This collaboration arrives as the nation intensifies its focus on digital payments, with projections indicating that it will surpass PHP 100 billion this year. Data from 2023 shows that the proportion of digital payments by value surpassed 55.3%, whereas the number of transaction volumes hit 52.8%.
Venture Capital Report
by Foxmont Capital Partners and The Boston Consulting Group.
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Moreover, an impressive 91.3 percent of people in the Philippines stated that they utilized online financial services in 2024, significantly above the worldwide average of only 37.8 percent.
Partnering with Mochi reinforces our dedication to fostering the expansion of MSMEs and fintech within the Philippines,” stated Jojo Malolos, CEO of Paymongo. “By incorporating Mochi’s sophisticated billing and collection automation into PayMongo’s payment solutions, we’re enabling local enterprises to thrive in the digital marketplace with assurance.
We are excited to join forces with PayMongo in transforming the way businesses manage payments and collections,” said Guaya Melgar, CEO of Mochi. “This partnership will equip firms with the necessary tools to streamline financial management and concentrate on expanding their operations.
PayMongo serves as a streamlined solution for business payments. As the initial Philippine Fintech company nurtured through the prestigious Y Combinator program in Silicon Valley, PayMongo stands out. On another front, Mochi operates as an accounts receivable tool designed specifically for Filipino enterprises aiming to enhance their invoicing efficiency, minimize errors and fraudulent activities, and offer flexible payment options to clients.
oleh admin | Mar 24, 2025 | commerce, financial services, money, payment processing, pensions
The National Pension Commission has endorsed nine Payment Solution Service Providers to take part in the newly launched online Pension Contribution Remittance System.
On its updated website, PenCom announced that the online Pension Contribution Remittance System has replaced the previous manual procedure for employers to submit their staff’s pension payments.
The disclosed service providers consist of Paypen offered by Netline Limited, Pencentral provided by Chamsaccess Limited, Pensphere (previously known as Paythru) from Pethahiah Rehoboth Int’l Limited, Penremit supported by Cyberspace Limited, Pensol developed by Uniswitch Technology Limited, Penco managed by Gemspay Solutions Limited, Awabah delivered by Awabah Remit Services Limited, Epcoss facilitated by Nigeria Inter-bank Settlement Systems Plc, and Interswitch represented by Interswitch Group.
With this new setup, PenCom stated that ” Employers are now able to submit their employees’ schedules and transfer pension contribution payments online without leaving home or office.”
The PCRS is available without charge and does not incur any costs for the employer.
The PCRS guarantees that the pension payment timelines submitted by companies are correct, and it verifies employees’ personal ID numbers along with their pension fund managers against PenCom records prior to processing payments.
Under this new system, employers have the option to choose among the authorized service providers for managing their pension contribution payments.
Remember that the Pension Fund Operators Association of Nigeria declared in December that they will introduce four pension service solution providers beginning April 1, 2025, with the aim of streamlining pension payments within the industry.
Following the PenCom announcement, the project has been accelerated by several weeks (since employers can now utilize the service providers right away) and the choice of service providers has become more favorable.
At the 2024 PenCom Media Conference in Lagos, the CEO of PenOp, Oguche Agudah, stated during his speech that adopting technology aimed to tackle several issues within the present remittance framework. These problems encompassed unpaid retirement contributions and instances where transfers were made without an established plan.
Back then, he had enlisted four service providers: PayPen from Netline Ltd., Paythru offered by Pethahiah at Rehoboth International Ltd., Pension Central provided by Chams, and Cyberpay from Cyberspace Ltd.
Outlining the procedure, Agudah stated, “The mechanism will function such that once the employer contributes to the pension, the funds will directly reach the RSA holder. Additionally, a standardized remittance form will be implemented. Furthermore, validation processes will be put in place to prevent occurrences of ‘We received payment, yet we’re unsure about its origin.'”
Provided by Syndigate Media Inc. (
Syndigate.info
).
