We have two systems, one system is called InstaPay where the maximum you can pay is 50,000 pesos or less than 1,000 dollars, almost in real-time and 24/7. Then we have another system, which is called PESONet which replaces checks. Clearing happens twice a day.
InstaPay  4/6  BIS - Central bankers' speeches  payment volumes are now more than [the volume of] ATM transactions. In a short time, we expect PESONet payments to overtake checks. Hopefully, checks will become a thing of the past. No more paper checks. Inflation-targeting: direct link to growth?