Art Tanseco, HSBC Philippines country head of global payments solutions and PESONet steering committee chairman, attended the BSP’s annual reception for the banking community for the first time and shared his experience and insights from the event.
The bankero said he was starstruck meeting esteemed individuals, including the governor, former governors, monetary board members, deputy and senior governors, and CEOs of leading banks in The Philippines.
The invitation was extended based on his role as PESONet steering committee chair, and not for his role at HSBC.
While introducing himself, Tanseco faced inquiries about PESONet’s electronic nature, the perceived 2 to 3-day duration, and distinctions from InstaPay, underscoring the need for public education on PESONet and heightened visibility.
Achieving a 7% volume increase in 2023, PESONet remains instrumental in supporting social security and business payments, particularly for banks not offering InstaPay to corporate clients.
About 10 million to 11 million cheques are still issued monthly, primarily due to business practices and tax reporting.
Recognizing the substantial work ahead, Tanseco outlined priorities, including streamlining the settlement process, introducing an additional settlement cycle for same-day beneficiary credits, and enhancing user experience for transparency and payment certainty.
Direct debit emerges as a pivotal avenue to transition cheque payments to electronic methods, especially for recurring low-value payments.
Tanseco sees the greatest opportunity in fortifying PESONet’s resilience through PESONet 2.0 and enriching services via ISO20022.
The bankero foresees 2024 to be busy and challenging. “My goal is to be able to get good feedback about PESONet from our stakeholders, partners, and sponsors next year, when I see them during the next reception.,” the bankero said.