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, the Bank said.
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’.
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.
“The Commercial Bank Paymaster facility is currently being used by over 1000 corporate clients because of the convenience it offers to companies,” said Sanath Bandaranayake, Bank’s Deputy General Manager-Operations. “With the upgrade to handle ETF payments, Paymaster will help expedite processes and minimize documentation.”