Commercial Bank Paymaster conducts workshop in Biyagama FTZ

Thursday, 22 November 2012 00:41 - - {{hitsCtrl.values.hits}}

The Commercial Bank of Ceylon recently conducted a workshop on its innovative electronic total payment solution ‘Paymaster’ for 70 companies operating in the Biyagama Free Trade Zone.

Senior officials of Commercial Bank, Sandra Walgama, Assistant General Manager – Personal Banking, Palitha Perera, Assistant General Manager – Operations, Ivan Fernando, Regional Manager, Pradeep Banduwansa, Chief Manager – eBanking and Remittances, and the Manager of the bank’s Biyagama branch, Aubrey Peiris also participated in the event.

Presentations were made by special invitees S.A.L. Muthukumarana, Deputy Superintendent – Department of EPF at the Central Bank of Sri Lanka and J.M.S.B. Udugama, Deputy General Manager – Customer Collections and Employer Relations of the ETF Board.

Paymaster enables organisations or individuals to make virtually any type of payment to multiple beneficiaries by simply uploading a file to Commercial Bank’s online platform. There are no limits to the number of transactions and if the paying party and beneficiary both have accounts at Commercial Bank, the transfer of funds would be virtually instant. Other benefits of the application include the minimisation of transaction time, costs and risks associated with the physical handling of money.

Apart from settlement of suppliers, disbursement of dividends and interest and payment of insurance claims, agent commissions, salaries and bonuses, companies can also make ETF and EPF payments by utilising this application. Payments may be made in cash or cheque via Paymaster. Users of Paymaster 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.