ETF payments easier with COMBank paymaster
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S. D. Bandaranayake (Deputy General Manager-Operations) of
Commercial Bank and M. C. H. Gunaratne Additional General
Manager (Employee’s Trust Fund Board) Exchanging documents.
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The Commercial Bank's Paymaster facility, the first total payment
solution offered by a bank in Sri Lanka, has now been extended do handle
ETF payments, in yet another industry first by the country's benchmark
private sector bank.
The web-enabled Paymaster interface can now facilitate monthly
contributions and surcharges and upload monthly member contribution
details for the convenience of employers eliminating manual filling of
`Form 11 Returns', the Bank said.
Under this Scheme, it is not required to fill remittance forms, draw
cheques and send to the ETF Board by hand or by post. The notable
benefit to an institution from this system is the employer's ability to
verify the accuracy of the payment details instantly and ensure high
confidentiality.
Additionally, employers can eliminate the hassle of closed counters
at the time of payment or postal delays, which result in delays in
remitting ETF dues and lead to surcharges.
The Commercial Bank Paymaster facility is currently being used by
over 1,000 corporate clients because of the convenience it offers to
companies, said Sanath Bandaranayake, the Bank's Deputy General
Manager-Operations. "With the upgrade to handle ETF payments, Paymaster
will help expedite processes and minimise documentation."
Launched in 2007, Paymaster replaced cheques and cash for payment of
salaries thereby minimising processing time, costs and the risk of
transporting cash. It was based on the bank's extensively used Salary
Remittance Package (SRP). Paymaster enables organisations or individuals
to make virtually any type of payment to multiple beneficiaries by
simply uploading a file to Commercial Bank's on-line banking platform.
Possible payments through Paymaster include settlement of suppliers,
disbursements of dividends or interest, payment of insurance claims or
agent commissions and payment of salaries and bonuses. As many as 2,500
Payments can be accommodated in a single file in the format developed
for paymaster by Commercial Bank. |
