Combank Paymaster for ETF
The Commercial Bank’s Paymaster facility, the first total payment
solution offered by a bank in Sri Lanka, has now been extended to handle
ETF payments, in yet another industry first.
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 announced this week.
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Deputy General Manager Operations of Commercial Bank S. D.
Bandaranayake and Additional General Manager Employees’
Trust Fund Board M.C.H. Gunaratne exchanging documents. |
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 1000 corporate clients because of the convenience it offers to
companies, said the Bank’s Deputy General Manager-Operations Sanath
Bandaranayake.
“With the upgrade to handle ETF payments, Paymaster will help
expedite processes and minimize documentation,” he said.
Launched in 2007, Paymaster replaced cheques and cash for payment of
salaries thereby minimizing processing time, costs and the risk of
transporting cash. It was based on the bank’s extensively used Salary
Remittance Package (SRP). 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.
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.
Commercial Bank’s on-line banking system will automatically generate
reports on payments made or rejected on the same day, providing users
with confirmation of successful transactions.
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