InstaPay definition
InstaPay refers to an electronic fund transfer (EFT) service available 24 hours a day, seven (7) days a week, which allows customers to transfer Philippine Peso denominated funds between accounts of participating BSP- supervised banks and non-bank e-money issuers in the Philippines. Funds are transferred in real time, subject to a transfer limit of Php 50,000 per transaction.
InstaPay means the real-time low-value electronic fund transfer (EFT) credit push payment scheme for transaction amounts of up to Php50,000.00 (or any other limit set by the regulators).
InstaPay. “P2P” and “Person to Person” all refer to the service that allows an external transfer to be initiated from an RCB Bank account to an external financial institution. We are offering you this Service through one or more Service Providers that we have engaged to render some or all of the Service to you on our behalf. You agree that we have the right under this Agreement to delegate to Service Providers all the rights and performance obligations that we have under this Agreement, and that the Service Providers will be third-party beneficiaries of this Agreement and will be entitled to all the rights and protections that this Agreement provides to us. You may also make internal transfers between your account(s) that you are an authorized signer on at RCB Bank and another RCB Bank account not owned by you through the instaPay service.