Electronic Transfer

Sep 07, 2011 (LBO) – Sri Lanka’s Commercial Bank is offering companies an electronic payment service for Employees’ Provident Fund (EPF) payments via its ˜Paymaster’ system. “Payments via Paymaster can be made by simply uploading a file to Commercial Bank’s web platform,” a statement said.

“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,” it said.

Commercial Bank said EPF payments can now be made online and C”/”C3″ forms may be uploaded electronically on a monthly basis, eliminating the need to write and deliver cheques and fill forms manually.

“Users of Paymaster will also benefit from the added convenience of being able to make EPF payments 365 days of the year from any location, even when the payment counters are closed,” the bank said.

Sanath Bandaranayake, Deputy General Manager Operations of Commercial Bank, said Paymaster is used by more than 1,400 corporate clients.

The new system provides facilities for em