The Philippine EFT System and Operations Network (PESONet), the first ACH under the NRPS, was launched on 08 November 2017. It is a batch electronic fund transfer (EFT) credit payment scheme, which can be considered an electronic alternative to the paper-based check system. Under the rules of said ACH, the fund transfer and/or payment instructions will be processed in bulk and cleared at batch intervals. Each payee will then receive the full value in their account within the same banking day, provided the payment instruction was sent within the cut-off time.
The PESONet is more inclusive platform for EFTs which will make business-to-business (B2B), and person-to-business (P2B) payments more practical; enable business-to-person (B2P) such as corporations to credit salaries to respective existing accounts of their employees without need for the creation of special payroll accounts; enable the digitization of government-to-government (G2G) and person-to-government (P2G) collections and payments. The PESONet is also an opportunity for smaller industry players such as thrift and rural banks to have greater participation in the retail payment system.
The Philippine Clearing House Corporation (PCHC) is the designated clearing switch operator for PESONet for a two-year transitory period beginning from the time of PESONet's launch.