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Sri Lanka Com Bank offers online retirement fund payments
30 Dec, 2008 13:53:45
Dec 30, 2008 (LBO) - Sri Lanka's Commercial Bank said it has extended its 'Paymaster' online payment facility to handle Employees' Trust Fund (ETF) retirement benefit fund payments.
The web-enabled Paymaster enables monthly contributions and surcharges and upload of monthly member contribution details for the convenience of employers, the bank said in a statement.

This eliminates manual filling of ‘Form 11 Returns’.

"Under this scheme, it is not required to fill remittance forms, draw cheques and send to the ETF Board by hand or by post," it said.

"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."

Employers can also 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 minimize documentation."

Launched in 2007, Paymaster replaced cheques and cash for payment of salaries thereby minimizing processing time, costs and the risk of transporting cash, the bank said.

Paymaster enables organizations 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, it said.

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.

Paymaster offers the advantage of Commercial Bank’s network of 333 automated teller machines that makes accessing funds easier to its accountholders and for cardholders of other banks belonging to the Visa / Mastercard network.

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