Award-winning bank Rizal Commercial Banking Corporation (RCBC) joins the ranks of pioneer implementers of the Bangko Sentral ng Pilipinas’ (BSP) new interoperable bills payment initiative dubbed as “Bills Pay PH” as it continues to be a reliable partner of Filipinos in scaling the country’s adoption of digital payments.
In partnership with the Philippine Payments Management, Inc., “Bills Pay PH” is an interoperable facility that aims to improve the efficiency of interbank bills payment across different billers launched at the BSP headquarters in Manila.
The interoperability feature offers hassle-free bill payment as customers do not need to open new and different accounts for different billers. Users can pay their bills through QRph codes printed on the billing statements, whether sent online or paper-based. The initiative allows users to do multiple bills payment in just a matter of clicks, saving time and money from lining up at payment centers.
“In areas where going to an ATM is not very convenient, clearly, all of these things are quite useful… The question now is how this evolves further and gets better and better? I think the future is very bright in this respect. More and more people now have accounts. If we had relied completely on banks that have physical branches, we would not have done this far,” according to Felipe Medalla, BSP Governor.
In the demonstration of the new facility, RCBC served as the receiving financial institution (RFI) generating the QRph integrated with all electronic Statements of Account (eSOA) or billing statements of Converge. Medalla demonstrated the use by scanning a QR PH code found on a Converge eSOA. In just a matter of seconds, the payment transaction was successful.
“We are grateful to BSP’s proactive stance in promoting interoperability of our finance system. The Bills Pay PH is a welcome initiative that will further accelerate digital payments and improve ease of our lives through convenient, seamless, and fast bills payment across different billers, banks, and e-wallets,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC.
For years, RCBC, through its dedicated arm for digital enterprise and innovations, has been an advocate of digital payments and cash lite society. Through the Philippines’ first multi-lingual financial inclusion mobile app in Taglish and Cebuano languages, RCBC is able to bank underserved and unbanked sectors of society.
Recently, RCBC launched the country’s first physical-digital banking experience RCBC MoneyBela Barangayan Banking, with an aim to facilitate bank transactions even at the farthest barangays and barrios of the country.