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, Pa