The Rizal Commercial Banking Corporation’s (RCBC) online and mobile application platform has recently upgraded its fund transfer facility under InstaPay, allowing cash transfers by simply using the recipient’s mobile number or email address.
“This contributes in accelerating digital payments in the country which is aligned with the government’s massive push towards cashless economy led by the Bangko Sentral ng Pilipinas (BSP),” said RCBC President and CEO Eugene S. Acevedo.
Through the use of Multi-identifiers Proxy Platform (MPP), fund transfers can be made with the use of easy-to-remember mobile numbers and email addresses registered with the receiver’s registered destination wallet or bank account.
This solution eliminates the error in entering the recipient’s bank details, and overcomes the resistance of people sharing sensitive information such as account numbers.
“Fund transfers are now more intuitive offering frictionless customer experience that is fast, secure, and convenient. This is another showcase of an open banking or open finance-enabled implementation,” said RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva.
Powered by Bancnet, the InstaPay money transfer service through mobile numbers and email addresses will only work among the initial participating banks which include BPI, Unionbank and Chinabank, and only if the client links their bank account to their mobile, email, or both.
BancNet was designated by the BSP as the country’s national automated teller machines (ATM) network, connecting the ATM networks of local and offshore banks.
RCBC received six global and regional digital awards in 2020 including being named as the country’s best digital bank by Asiamoney and Alpha Southeast Asia. Just this month, it was also adjudged the 2021 best digital bank by a UK-based Business Tabloid awards.