Commercial Bank updates corporates on 'Paymaster'

The Commercial Bank of Ceylon conducted a customer awareness programme for corporate customers in the Central Region to improve awareness on the Bank's 'Paymaster' product.

The event held at Kandy touched on the many benefits of the product including recent additions such as payment of ETF through Paymaster.

Paymaster is a total payment solution that enables organizations or individuals to make virtually any type of payment to multiple beneficiaries by simply uploading a file to Commercial Bank's web platform. The web based product facilitates numerous types of payments, including settlement of suppliers, disbursement of dividends and interest, payment of insurance claims and agent commissions and payment of salaries and bonuses.

There are no limits to the number of transactions and any number of payments can be accommodated in a single file sent to Paymaster.

If the paying party and beneficiary both maintain accounts at Commercial Bank, the transfer of funds would be virtually instant.