The first ACH will be called “PESO Net” which is a batch electronic fund transfer credit payment scheme. This can be the electronic alternative to the paper-based check system but it will also be more inclusive in terms of participants and users. The PESO Net supports bulk payment transactions of various users.
For instance, it will enable companies, including the government, to conveniently pay salaries and invoices to the bank account of choice of their employees and suppliers. Employees and suppliers will therefore no longer be compelled to open and manage several accounts just so they can receive and make payments affordably.