Philippine Central Bank Issues Guidelines on Handling of Consumer Concerns on PESONet and lnstaPay
The Bangko Sentral ng Pilipinas (BSP) has issued a memorandum reminding all Bangko Sentral Supervised Financial Institutions (BSFIs) to adhere to the National Retail Payment System Framework which puts an emphasis on financial consumer protection.
BSFIs are tasked with the following in compliance with the said framework:
- Establish effective mechanisms to ensure that all frontline personnel at the BSFI’s offices (e.g., head office, branches, branch-lite units), including those that handle customer issues lodged thru various available channels, possess adequate, accurate and relevant information about PESONet and lnstaPay to address consumer concerns and fund transfer issues, and to properly advise on redress mechanism and turn-around time for resolution of issues;
- Post materials containing pertinent information on redress mechanism of PESONeI and lnstaPay, including up-to-date contact information for consumer concerns specifically related to PESONeI and InstaPay, on appropriate channels such as the BSFI’s website and officia lsocial media pages; and
- Provide customer accessibility to a wide range of accessible contact channels for communication of consumer concerns, including but not limited to customer service hotlines, email, chatbot, and make available timely and adequate response to concerns sent via said channels.
The full memorandum can be accessed here.