BancNet Resolves Technical Issue Affecting Interbank Transfers and Mobile Payments

Several banks and at least one mobile payment service provider have confirmed that a technical issue involving BancNet, which disrupted interbank transfers, has been resolved as of Sunday evening.

In an advisory, GCash announced that BancNet had successfully addressed the system-wide issue that affected QRPH and InstaPay transactions on March 9. “BancNet has advised that their global issue affecting QRPH and InstaPay transactions today has been fixed,” GCash stated in its update.

Prominent banks, including BPI, BDO Unibank, Land Bank of the Philippines, Philippine National Bank, SeaBank, and Metrobank, also released similar statements on their respective social media platforms, reassuring clients that normal transaction processing has resumed.

Earlier in the day, GCash had alerted users that incoming and outgoing InstaPay transfers were experiencing delays due to BancNet’s system issue. In its latest announcement, the mobile wallet service assured affected users that any delayed transactions would be credited to their accounts within 24 to 48 hours.

Financial institutions and payment service providers continue to monitor transaction flows to ensure smooth processing and prevent further disruptions. Customers experiencing persistent issues are advised to reach out to their respective banks or service providers for assistance.