Sampath Bank introduces corporate EPF payment method

Sampath Bank signed a Memorandum of Understanding (MoU) with the Employees Provident Fund at the Central Bank last week to implement a new corporate EPF payment method.

Sampath Bank, Managing Director, Aravinda Perera and Deputy Governor, Central Bank, Dr. P. Nandalal Weerasinghe signed the MoU.

Assistant Governor, Ms. R. Deerasinghe, Superintendent P.W.D.R. Nihal Rodrigo, Director, IT, Ms. R.A.S.M. Dayarathne, Additional Superintendent Ms. Deepa Senevirathne, Additional Superintendent Yasalal Perera, Deputy Superintendent A.U.G. Thilakaratna and S.A.L. Muthukumara, Senior Asst. Superintendent Ms. D.M.G Piyathilake of the Central Bank were present.

Group Chief Financial Officer of Sampath Bank, Ranjith Samaranayake, Senior Manager, Network Service Centre, Halin Hettigoda, Executive II - System Development, Sanka Wijesinghe, Junior Executive II - Network Service Centre, Nayanajith Walgampaya, Junior Executive II - Network Service Centre, Sanjaya Liyanaarachchi, Senior Manager System Development, Pasan Manukith and Executive, Network Service Centre, Ms. Chaminda Tilakaratne represented Sampath Bank.

"The new corporate EPF payment method introduced by Sampath Bank through Sampath Corporate Payment System (SCPS) is user-friendly, speedier, secure and an improved payment facility," a senior Sampath Bank official said.

Through the Sampath Corporate Payment System (SCPS), employers can make EPF contributions to employees faster, reliably and at the least cost directly through the internet. Employers can also send EPF contributions 365 days of the year even when the bank is closed or on holiday.

The new SCPS system with improved features offers convenience for corporate and government entities when facilitating payments to other parties. SCPS executes multiple payments through a single mechanism from employee salaries to supplier payments, salary advances, OT, interest, third party payments, dividends and agent commissions.