Sampath Bank signs MOU with Central Bank for corporate EPF payments

Wednesday, 21 August 2013 00:00 - - {{hitsCtrl.values.hits}}

Sampath Bank, the premier commercial bank which has revolutionised the local banking industry through technological innovations and standards, signed a Memorandum of Understanding between Sampath Bank and the Employee’s Provident Fund on Monday. The signing of the MOU was between Sampath Bank Managing Director Aravinda Perera and Central Bank Deputy Governor Dr. P. Nandalal Weerasinghe.

Assistant Governor R. Deerasinghe, Superintendent P.W.D.R. Nihal Rodrigo, Director IT R.A.S.M. Dayarathne, Additional Superintendent Deepa Senevirathne, Additional Superintendent Yasalal Perera, Deputy Superintendent A.U.G Thilakaratna and S.A.L Muthukumara and Senior Asst. Superintendent D.M.G. Piyathilake of Central Bank of Sri Lanka were also present at the occasion. Sampath Bank Group Chief Financial Officer Ranjith Samaranayake, Senior Manager –Network Service Centre Halin Hettigoda, Executive 11-System Development Sanka Wijesinghe, Junior Executive 11-Network Service Centre Nayanajith Walgampaya, Junior Executive 11-Network Service Centre Sanjaya Liyanaarachchi, Senior Manager System Development Pasan Manukith and Executive – Network Service Centre Chaminda Tilakaratne represented Sampath Bank at the signing of the MOU. The new corporate EPF payment method introduced by Sampath Bank via Sampath Corporate Payment System (SCPS) is user-friendly, speedier, secure and an improved payment facility. Through Sampath Corporate Payment System (SCPS), the employers now can make EPF contributions to employees much faster, reliably and at the least cost directly via internet. Employers can also send EPF contributions while being in office 365 days of the year even when the bank is closed or on a holiday. The new SCPS system with improved features is offering extra convenience for corporate/government entities when facilitating payments to other parties. SCPS executes multiple payments through a single mechanism from employee salaries to supplier payments, salary advances, OT, interests, third party payments, dividends, agent commissions, etc. Sampath Bank is constantly striving to better its approach to modern banking conveniences. The unique features of the Sampath Corporate Payment System are many, namely automated payments to Sampath Bank accountholders and instant crediting of proceeds to a beneficiary’s account, crediting of payments to other bank accounts the following day morning via SLIPS (Sri Lanka Interbank Payment System). Explaining the SCPS mechanism, a Senior Sampath Bank official said: “Data input is plain in SCPS as you need to simply upload data files to Sampath Wishwa Corporate Internet banking solutions portal. The user ID s and passwords (i.e. customer site administrator or customer site operator) will be issued to the company by the bank.” The hassle and risk-free SCPS has no upper limit to the number of transactions, and eliminates form filling, writing and posting/delivering of cheques. Since data files are uploaded, no need of writing cheques, no cash deposits as that is electronically paid. This system is viewed by industry experts as an ideal payment option for corporate and government entities which could substantially reduce payments-related costs. Sampath Bank corporate payment system charges a handling fee of Rs. 5 per transaction if money is credited to a Sampath Bank account while if credited to other bank account via Sampath Bank, it will be Rs. 10, thus making SCPS the cheapest way to facilitate payments. The beneficiary can withdraw credited money to the Sampath Bank account all 365 days of the year through 1,750 networked ATMs island wide and from the 210 strong ATMs of the Sampath Bank branch network spread islandwide. The money can be withdrawn over the counter from Super Branches, Colombo Dharmapala Mawatha and Kiribathgoda (8 a.m. to 8 p.m.) and Wellawatte (8 a.m. to 7 p.m.). Since the money is credited to the account through SCPS, the beneficiary is not required to withdraw the full amount at once. Hence, SCPS inculcates the saving habit among the beneficiaries inadvertently. Sampath debit cards can be used for transactions locally and internationally, involve no risk, no cost and gives you social status. Sampath Bank, a public limited liability company, is the third largest private sector commercial bank in the country. It caters to a wide array of customers facilitating management of personal finances through a range of products. Recently, Sampath Bank was awarded the prestigious ‘Best Bank of Sri Lanka 2013’ award from well-known Euromoney Magazine.