The Interbank Funds Transfer Facility (the “IBFT Facility” or “Facility”) allows the Sender/QR Payor to pay and/or remit in Philippine Peso via domestic funds transfer and the Beneficiary/QR Payee to receive such payments and/or remittances from participating financial institutions of Automated Clearing Houses (ACH).

 

1. instaPay/PESONet Credit Payment Schemes

(1) Definition: 

For purposes of this section, the following terms shall have the meanings set out below: 

a. Automated Clearing House- a multilateral agreement among ACH participants governing the clearing and settlement of payment orders for specific payment streams operating under the National Retail Payment System (NRPS) consisting of the instaPay and PESONet credit payment schemes:  

i. instaPay- a real-time low-value electronic funds transfer (EFT) credit push payment scheme for transaction amounts of up to P50,000. 

ii. PESONet- a batch EFT credit payment scheme whereby the funds transfer instructions will be processed in bulk and cleared at batch intervals. The recipient and/or Beneficiary of the funds will then receive the full value in his/her/their account within the same banking day provided the payment instruction of Sender is sent within the prescribed cut-off time/s. 

b. Beneficiary- the receiving party identified by the Sender of funds in the Interbank Funds Transfer Instruction. 

c. Beneficiary Account- the account maintained with the Receiving Financial Institution that is identified by the Sender as the account to be credited with the amount specified in the Interbank Funds Transfer Instruction (as defined below). 

d. Clearing Switch Operators- provide clearing switch services pursuant to the requirements under the NRPS. 

e. Interbank Funds Transfer Instruction (IBFT Instruction)- instruction submitted or entered by the Sender using the Facility to transfer funds from the Source Account maintained with the Bank for credit by the Receiving Financial Institution to the Beneficiary Account as identified by the Sender. 

f. Originating Financial Institution- is the financial institution with which the Sender maintains the Source Account and tasked to ensure that the Source Account and the amount specified for transfer are the same as the required details provided in the IBFT Instruction prior to processing the transaction. 

g. Receiving Financial Institution- is the financial institution with which the Beneficiary Account is maintained and tasked to ensure that the actual account number and the amount it credited are the same as the Beneficiary Account number and the amount specified in the IBFT Instruction received by it. 

h. Sender- the party initiating the IBFT Instruction, through the Originating Financial Institution, to transfer funds from his/her/its identified Source Account maintained with the Originating Financial Institution to the Beneficiary Account maintained with the Receiving Financial Institution using the Facility. Any applicable service fee charged for the IBFT Instruction will be for the account of the Sender. 

i. Source Account- the account maintained by the Sender with the Originating Financial Institution which is identified by the Sender as the account to be debited with the amount specified in the IBFT Instruction. 

 

(2) Operational Guidelines:

As Sender of an IBFT instruction:

a. I acknowledge and agree that the Bank (Originating Financial Institution) may process said IBFT Instruction in accordance with its policies and procedures including the requirements of BSP Circular No. 980. 

b. In initiating an IBFT Instruction from BPI Online and Mobile Banking, or BizLink, I shall indicate the Source Account, the amount to be transferred, the Beneficiary’s name, the Beneficiary Account details and such other details as may be necessary. I acknowledge and agree that the account number matching of the specified Beneficiary Account with the Receiving Financial Institution shall be sufficient for the implementation of the IBFT Instruction. 

c. There shall be no reversal of completed transactions. When the Bank (Originating Financial Institution) has debited the amount subject of the funds transfer transaction and applicable service fee from the Source Account, and the Receiving Financial Institution has credited the Beneficiary’s Account, the IBFT is deemed completed. 

d. I shall be responsible for the amount/s paid or transacted through the Bank (Originating Financial Institution)’s Facility and shall ensure that all data and information I provided the Bank (Originating Financial Institution) including the Source Account, the amount to be transferred, and the Beneficiary Account details are true, correct, complete and accurate. 

e. I understand that the Bank (Originating Financial Institution) is not a party to any agreement between me and the Beneficiary. In case of discrepancy or dispute in connection with the funds transfer (such as, but not limited to, incorrect amount or incorrect beneficiary details), I agree to coordinate directly with the Beneficiary to settle the amount. 

f. IBFT Instructions shall be subject to the Bank (Originating Financial Institution)’s prescribed cut-off times and processing schedules. The Bank (Originating Financial Institution) may impose a limit on the amount of funds and the number of times that I can transfer within a certain period of time. Transactions made after the Bank (Originating Financial Institution)’s designated cut off time(s) shall be considered transactions of the following banking day. 

g. I shall ensure that the Source Account is sufficiently funded to fulfill the IBFT Instruction and answer for the applicable service fees imposed by the Bank (Originating Financial Institution). In case the Source Account is not sufficiently funded, the Bank (Originating Financial Institution) shall not process or act on such IBFT Instruction. In all cases, I shall be responsible for making alternate arrangements for the transfer. 

h. The Bank (Originating Financial Institution) shall debit the applicable service fee/s from the Source Account for each IBFT Instruction. 

i. I represent and warrant to the Bank (Originating Financial Institution) that I am compliant and shall continue to comply with and abide by all applicable laws, rules, policies and regulations including provisions of Republic Act No. 9160 (Anti-Money Laundering Act of 2001), as amended (the “AMLA Rules”) and the Bank (Originating Financial Institution)’s terms and conditions, requirements and procedures as well as BSP rules and regulations in relation to the IBFT Instruction. In this regard, I agree that the Bank (Originating Financial Institution) may require me to submit additional information and/or supporting document/s, as it may deem appropriate, within the timeframes specified, to verify my compliance with the applicable laws, rules and regulations, and/or in connection with the submission or filing of reports necessary to comply with the AMLA Rules. Should I fail to provide the required information, the Bank may refuse to process the IBFT Instruction.

j. In the event the IBFT Instruction is canceled due to reasons, such as, but not limited to the following:  

i. sanctions screening;

ii. wrong currency;

iii. incorrect beneficiary details;

iv. and/or any other reason decided by the Bank, at its sole discretion, or by its regulators; 

any refund by the Bank (Originating Financial Institution) will be processed net of costs incurred by it and applicable service fees.

k. I fully understand the risks involved in connection with the use of the IBFT Facility. I acknowledge that I am responsible for the use, access, and operation of the Facility, and all transactions processed using the Facility. I acknowledge that I am responsible for maintaining the confidentiality and security of my access and use of the BPI Online and BPI Mobile banking channels, or BPI Bizlink. Any IBFT Instruction sent using my access credentials is conclusively presumed to have been performed and authorized by me and I agree to be bound thereby. 

l. I authorize the Bank (Originating Financial Institution) to rely upon and implement, without liability, the IBFT Instruction received from me. For this purpose, I agree to hold free and harmless and indemnify the Bank (Originating Financial Institution) for any expense, loss or damage incurred by me due to the Bank (Originating Financial Institution)’s reliance on the information provided by me and/or for acting upon my IBFT Instruction. 

m. In consideration of the Bank (Originating Financial Institution)’s implementation and performance of the services required under the Facility, I agree to indemnify and hold the Bank (Originating Financial Institution), its subsidiaries and affiliates, their respective directors, officers, employees, representatives, agents, outsourced service providers, the ACHs or other parties under the NRPS (including Clearing Switch Operators) free and harmless from any liabilities, costs, claims, losses, damages or dispute which may arise therefrom or in connection with the implementation of this Facility. 

n. The Bank (Originating Financial Institution) will not be responsible or liable for any delay, non-performance or failure to perform any of its obligations under this Agreement for reasons due to, arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God, natural disasters, calamities, earthquakes, fire, floods, wars, civil or military disturbances, sabotage, acts of terrorism, terrorist attacks, criminal acts or willful misconduct by a party other than the Bank (Originating Financial Institution), its officers or employees, epidemics, riots, interruptions, loss or malfunction of utilities or facilities, power outages, electrical or mechanical failure, computer hardware or software failure, system failure or system downtime, network or telecommunication failure, causes or acts attributable to third persons or parties, labor disputes, strikes, walk-outs, riots, lock-outs, rebellion or acts of civil or military authority or governmental actions. The Bank (Originating Financial Institution) shall likewise not be responsible for any special, indirect, incidental, exemplary or consequential damages, including but not limited to lost profits or lost opportunities. 

 

2. Quick Response (QR) Service

The Interbank Funds Transfer Facility likewise allows the QR Payor/Sender to pay and/or remit in Philippine Peso via domestic fund transfer and for the QR Payee/Beneficiary to receive such payments and/or remittances from participating financial institutions of Automated Clearing Houses (ACH) using Quick Response (QR) Code (the “QR Service”). Through the QR Service, I can send payments from my qualified Source Account to a QR Payee/Beneficiary by simply scanning or reading the QR Payee’s/Beneficiary’s QR Code using the BPI Online or BPI Mobile Banking channels. As Beneficiary, the Facility allows me to generate a QR code using the BPI Mobile Banking channel and/or platform and send the same to the QR Payor/Sender.

(1) Definitions:

Unless otherwise defined in this Section, the terms used herein shall have the same meanings as the terms used in the Terms and Conditions governing the IBFT Facility.

a. “QR Code” means the unique two-dimensional quick response code generated by the Bank or the Receiving Financial Institution for the purpose of identifying a QR Payee/Beneficiary. 

b. “QR Transaction” means a payment or funds transfer made to a QR Payee utilizing this QR Service. 

c. “QR Payee” means the party who accepts the QR payment or funds transfer of the identified QR Payor/Sender of the IBFT Instruction implemented via the QR Service. 

d. “QR Payor” means the party who pays or remits funds via a QR code

e. “QR Service” refers to the facility which allows the implementation of an IBFT Instruction using a QR Code. 

f. “Source Account” means the account designated by the QR Payor/Sender to pay the QR Payee/Beneficiary using the QR Service. 

 

(2) Operational Guidelines:

As QR Payor/Sender of an IBFT instruction:

1. I acknowledge and confirm that I may only execute a QR Transaction from a Philippine Peso-denominated current account or savings account held in my name and maintained with the Bank (“Source Account”). 

2. The Bank reserves the right to exclude such other Philippine Peso-denominated current or savings account variants from the QR service. 

3. In initiating a QR Transaction via the QR Service, the QR Payor/Sender agrees to:  

i. identify his Source Account for the intended QR Transaction;

ii. scan the intended QR Payee’s/Beneficiary’s QR Code using QR Payor/Sender’s mobile app; 

iii. enter the QR Transaction amount, if necessary; and

iv. authorize the QR Transaction with the OTP (One Time Pin) or Mobile Key, as the case may be, to be provided to the QR Payor/Sender by the Bank. 

4. By using the QR Service in accordance with the above procedure, I hereby authorize the Bank to debit my Source Account for credit to the account of the QR Payee/Beneficiary. 

5. I fully understand the risks involved in connection with the use of the Facility. I acknowledge that I am responsible for the following :  

i. keeping my security codes and/or access credentials strictly confidential and preventing fraudulent or unauthorized usage of my Source Account through the QR Service; 

ii. ensuring that the details of each QR Transaction made using the QR Service are true, correct, complete and accurate. 

6. I fully understand the risks involved in connection with the use of the QR Service. I acknowledge that I am fully responsible for the use, access and operation of the Facility and all transactions processed using the QR Service. I likewise acknowledge that I am responsible for maintaining the confidentiality and security of my access credentials and the use of the BPI Online and Mobile banking channels and the QR Service. I likewise agree that all QR Transaction amounts that I provided using the QR Service and all QR Transactions implemented using my QR Code are conclusively presumed to have been performed and authorized by me and that I accept to be bound thereby. 

7. At any time, the Bank reserves the right to do any of the following:  

i. impose or amend any maximum or minimum QR Transaction limits in connection with my use of the QR Service; 

ii. charge the applicable service fee/s for the implementation of the QR Transaction of the QR Payor/Sender and reserves the right to revise the applicable service fees for transactions using the QR Service from time to time; 

iii. refuse to implement the QR Transaction or allow my Source Account to be debited for the QR Transaction amount if, based on the Bank’s reasonable determination and sole discretion, such action is warranted; 

iv. determine which of my source accounts or variants thereof are eligible for the QR Service; 

v. modify, suspend or discontinue the QR Service.

The Bank shall not be liable for any restriction, suspension, disqualification or termination of my use of the Source Account, the QR Service or my availment of the IBFT Facility.

8. I undertake to immediately report to the Bank in writing any of the following occurrences:  

i. my electronic equipment or device which I use or used to access the QR Service is lost, stolen or tampered with; 

ii. my security codes have been compromised;

iii. any unauthorized access of my Source Account, security codes, mobile app or electronic equipment or device which I use or used to access the QR Service. 

Any losses or damages incurred due to withdrawal/purchase/transfer of funds arising from or in connection with the unauthorized access of the QR Service using my QR Code prior to receipt by the Bank of my report shall be for my sole account. I hold the Bank free and harmless 

9. I acknowledge that the Bank is not a party to any agreement between me and the QR Payee/ Beneficiary and that I am responsible for amount/s paid or transacted using the Facility. I likewise agree that the Bank is not liable for any of the following:  

i. the refusal by the QR Payee/Beneficiary to accept a QR Transaction for whatever reason; 

ii. non-credit, non-receipt and/or the hold or withholding of my payment or funds transfer by the Receiving Financial Institution; 

iii. any defect, failure or deficiency in the goods or services delivered to me by a QR Payee/Beneficiary, which payment for the transaction was implemented using the QR Service. 

 

3. Funds Transfer Transactions Using Mobile Number and Email address

The IBFT Facility likewise allows the Bank’s clients as senders to initiate and effect funds transfer to participating financial institutions of ACH using his/her Philippine mobile number and email address duly registered with the Bank. The Facility likewise allows the Bank’s client as beneficiaries to receive payments and/or remittances in Philippine Peso from participating financial institutions of ACH by sharing their respective Philippine mobile number/s and email address/es duly registered with the Bank with clients of participating financial institution/s as senders of domestic funds transfer transactions.

(1) Definitions:

Unless otherwise defined in this Section, the terms used herein shall have the same meanings as the terms used in the Terms and Conditions governing the IBFT Facility.

a. “Email Address” means a valid email address registered with the Bank and linked to a BPI peso deposit account. 

b. “Mobile Number” means a valid Philippine mobile number registered with the Bank and linked to a BPI peso deposit account. 

(2) Operational Guidelines:

Registration of Mobile Number and Email address

(a) Enrollment Process

i. To avail of this Service and subject to further validation by the Bank, I agree to enroll, nominate and link both of my valid registered email address and valid Philippine mobile number to a peso deposit account maintained with the Bank. I acknowledge that I may also designate a short or nickname upon enrollment. 

ii. I shall be responsible for providing accurate contact information to the Bank and to update the same in case of changes to said contact information using the BPI Online or BPI Mobile Banking channels or for clients who have no access to an Automated Teller Machine (ATM) or have not claimed the BPI Debit Mastercard, I may visit any nearest branch or call (+632) 889-10000 or toll-free numbers at 1-800-188-89100. For this purpose, I further agree that amendments or changes to my registered Philippine mobile number and/or email address will require deletion of the old contact information before any new contact details may be updated and registered with the Bank. No funds transfer transaction may be implemented unless the deletion of the old contact information which I have initiated shall have been completed. I agree to be responsible for any funds transfer transactions implemented in violation of the provisions of this section. 

iii. I agree that to avail of the Service, I must have an active BPI peso deposit account of good standing maintained with the Bank. 

iv. Upon my enrollment using the BPI Online or BPI Mobile Banking channels or platform, I agree to provide the Bank my peso deposit account details, such as, but not limited to, the account number, account name, a valid email address registered with the Bank, a valid Philippine mobile number and such other information required for my enrollment into the IBFT Facility. To enable the Bank to facilitate the enrollment process and my funds transfer transactions, I authorize the Bank, its employees, authorized representatives and service providers to share and disclose my information and related funds transfer transactions to ACH, participating financial institutions and their respective employees, authorized representatives and service providers for the purpose. 

(b) instaPay Funds Transfers

i. For instaPay Funds Transfers, I agree to nominate an active BPI peso deposit account of good standing linked to a valid Philippine mobile number and valid email address registered with the Bank. I likewise represent and warrant that the Beneficiary of the instaPay Funds Transfer with a valid and active deposit account maintained with a participating financial institution has a valid registered email address and Philippine mobile number registered with it. The Bank shall not be responsible nor is obliged to take further action for (i) erroneous transfers, (ii) transfers to unintended beneficiaries, or (iii) transfers to invalid or inactive deposit accounts of counterparties maintained with participating financial institutions. 

ii. The instaPay Funds Transfer transaction is deemed final and complete once the funds are credited to the Beneficiary’s account maintained with the Receiving Financial Institution. Any dispute or discrepancy arising from or in connection with the instaPay Funds Transfer transaction between me and my Beneficiary shall be solely resolved by us. 

iii. If the instaPay Funds Transfer cannot be completed for whatever reason, including for reasons due to the Beneficiary not having a valid or active instaPay account with the Receiving Financial Institution, the instaPay Funds Transfer transaction shall be canceled immediately without notice and the funds credited back to my linked BPI peso deposit account net of the applicable service fees due. 

iv. I acknowledge that a record of my instaPay Funds Transfer transactions will be reflected in and will be made available and viewable through BPI Online or BPI Mobile Banking channel/s by clicking on “Other Services” and then selecting “My Statements”. I likewise acknowledge that the BPI Online or BPI Mobile Banking channel/s transaction history has a limited term of 365 days. For far-dated transactions, I may consult my branch of account and/or refer any concern to the transaction advices sent to my registered email address. 

v. I agree to be charged applicable service fee/s including revisions thereto from time to time for the following instaPay Funds Transfer transaction services, such as, but not limited to :  

a. each successful additional link made to my BPI peso deposit account;

b. each successful update made on my registered email address or Philippine mobile number linked to an existing BPI peso deposit account; 

c. each successful deletion and/or change of my registered email address or Philippine mobile number linked to an existing BPI peso deposit account. 

d. each successful search of my registered email address or Philippine mobile number using the “Look-Up” function. 

vi. I acknowledge and agree that I may from time to time undertake changes to my registered email address or Philippine mobile number using the BPI Online or BPI Mobile Banking channels, should I have no access to an Automated Teller Machine (ATM) or have not claimed the BPI Debit Mastercard, I may visit any nearest branch or call (+632) 889-10000, or toll-free numbers at 1-800-188-89100. 

vii. By availing of this Service, I acknowledge and agree that I shall be responsible for:  

a. strictly maintaining the confidentiality of my username and password;

b. any and all instaPay Funds Transfer transactions processed using my username and password and/or access credentials are deemed to have been undertaken by me or upon my authority and are conclusive, valid and binding on me, and 

c. any and all consequences of the use or misuse of my username and password and/or access credentials. 

viii. I agree to notify the Bank immediately in writing of any unauthorized use of and/or access to my username and password or of any breach relating to the security of my account access credentials.  

 

4. instaPay Cash-in

instaPay Cash-in allows cash-in of own account/e-wallet by initiating a request of payment to the Bank (Originating Financial Institution) while using the digital platform of the Receiving Financial Institution through linking of the Source Account to the Beneficiary Account/E-wallet.

(1) Definitions:

Unless otherwise defined in this Section, the terms used herein shall have the same meanings as the terms used in this IBFT Facility Terms and Conditions.

a. Requesting Customer – the person requesting for cash-in

b. Cash-in –funding of, or adding money to, an account or e-wallet

c. E-Wallet –electronic wallet; a type of virtual storage for one’s money that enables one to make payments and fund transfers online

(2) Operational Guidelines:

As the Requesting Customer:

1. I acknowledge and confirm that I may only execute a Cash-In request from a Philippine Peso-denominated Account held in my name and maintained with the Bank (Originating Financial Institution); such Source Account should be linked to the Beneficiary Account/E-wallet prior to the Cash-In request.

2. I acknowledge that the Bank reserves the right to exclude such other Philippine Peso-denominated account variants from being enabled as a Source Account for the Cash-In service.

3. I agree to review the Cash-In request details before authorizing it with either an OTP or Mobile Key, as the case may be, and likewise acknowledge that there is no reversal of Cash-In requests once authorized. 

4. I agree that there shall be no reversal of completed transactions. When the Bank (Originating Financial Institution) has debited the Cash-In amount requested, as well as the applicable service fee from the Source Account, and the Receiving Financial Institution has credited the Beneficiary’s Account/E-wallet, the Cash-In request shall be deemed completed. 

5. I acknowledge that a record of my Cash-In requests will be reflected in, and will be made available and viewable, through BPI Online or BPI Mobile Banking channel/s by clicking on “Other Services” and then selecting “My Statements”. I likewise acknowledge that the BPI Online or BPI Mobile Banking channel/s transaction history has a limited term of 365 days. For far-dated transactions, I may consult my branch of account and/or refer any concern to the transaction advices sent to my registered email address.

6. I fully understand the risks involved in connection with the use of the Cash-In service, and acknowledge that I am responsible for keeping my access credentials and OTPs or Mobile Key strictly confidential to prevent fraudulent or unauthorized Cash-In requests.

7. I acknowledge that, at any time, the Bank may:  

a. impose or amend any maximum or minimum limit for the Cash-In service;

b. charge the applicable service fee/s for the implementation of Cash-In service, and reserve the right to revise the applicable service fee/s for Cash-In requests;

c. refuse to implement the Cash-In request, or allow my Source Account to be debited for the Cash-In request amount if, based on the Bank’s reasonable determination and sole discretion, such action is warranted; 

d. modify, suspend or discontinue the Cash-In service.

8. I undertake to immediately report to the Bank any of the following occurrences:  

a. compromising of my access credentials or Mobile Key;

b. unauthorized access of my BPI Online and Mobile Banking, or electronic equipment. 

9. I hold the Bank free and harmless from any and all liabilities, claims, damages, and costs arising from the fraudulent or unauthorized use of BPI Online and Mobile Banking.

 

5. Consumer Protection

For inquiries and comments, please send us a message through this link www.bpi.com.ph/contact-us or call our 24-hour BPI Contact Center at (+632) 889-10000. BPI shall endeavor to resolve simple complaints within seven (7) days from receipt thereof, and more complex ones within forty-five (45) days.

 

Deposits are insured by PDIC up to P1 Million per depositor.  
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