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Sunday, 18 January 2009

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ETF payments easier with COMBank paymaster



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.

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.

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