Bank of China-Manila expands digital platform with InstaPay

Bank of China-Manila (BOC) recently announced its interconnection with InstaPay, an electronic fund transfer (EFT) service that allows customers to transfer PHP funds instantly between accounts of participating BSP-Supervised Financial Institutions (BSFI). This allows Bank of China’s retail customers to transfer funds from Person-to-Person (P2P) via account number, QR code, or Multi Proxy Service (MPS). 

With rising demand for digital fund transfers over traditional paper transactions, BOC continues to realign its processes to effectively engage and support the growing digital customer base. With InstaPay, Bank of China will be able to provide a safe, reliable, convenient, and zero-wait fund transfer facility.

Bank of China customers can access InstaPay via BOC Net and BOC Mobile which are available 24/7. Beneficiaries receive funds in real-time. It also has an enhanced safety feature through its ISO20022 message format which makes InstaPay one of the most secure payment services in the Philippines. 

Additionally, Bank of China can process InstaPay fund transfers that enable InstaPay payers and payees to use a mobile number or email address in fund transfers instead of a bank account number. This leads to improved security, and enhanced validation, as well as increased adoption and usage of real-time payments.

As Bank of China moves forward in its digital transformation journey, it will continually look for ways to better serve its clients in support of the BSP Digital Payments Transformation Roadmap 2020-2023 which encourages the availability of more innovative and responsive digital financial products and services for clients. With InstaPay, BOC expands its fund transfer options, improving the banking experience for the convenience of its customers.