On Jun. 11, PHI CB clarified standards on consumer concerns re EFTs.
PHI CB elaborated on standards on consumer redress mechanism for electronic fund transfers (EFTs), focuses on the timely resolution of customer concerns re EFTs.
Follows PHI CB Jun. 2024 circular on approval of the consumer redress mechanism standards for account-to-account EFTs under the NPS framework, detailed in #205405.
Key Provisions
Sets out industry-wide expectations on participating banks and electronic money issuers (EMIs) of the InstaPay and PESONet automated clearing houses (ACH), and clearing switch operators (CSO), such as the Philippine Clearing House Corporation.
Specifies the required turnaround time for the originating financial institution (OFI) to return the funds to the sender’s account for EFTs not received by the beneficiary.
For instant retail payments and corresponding use cases such as InstaPay, the funds must be returned to the sender’s account within 1 hour from customer’s instruction.
For batch clearing like PESONet, the funds must be returned to the sender’s account within two hours from receipt of clearing advice from the CSO.
ACH participants/CSOs shall define in their ACH operating guidelines the necessary actions from each party involved; cover both scheduled and unscheduled disruptions.
Transitory Period
ACH participants and CSOs shall make necessary preparations to ensure strict compliance with all the requirements of the circular by Jan. 1, 2025.
