ComBank pays out Rs 11.6 b in three days | Sunday Observer

ComBank pays out Rs 11.6 b in three days

30 April, 2017

Over 2,500 institutions paid out Rs 11.6 billion in early salaries and bonuses over a mere three days this month via ‘Paymaster’ – the sophisticated bulk payments platform of the Commercial Bank of Ceylon.

The Bank reports that from April 5-7, Paymaster processed 375,666 electronic payments on behalf of these institutions, with 53% of the beneficiaries being account holders of Commercial Bank and the rest customers of other banks.

On two of these days, April 6 and 7, Paymaster dispensed more than Rs 9 billion to nearly 300,000 recipients in an impressive demonstration of its capacity, the Bank said.

“The record disbursements prior to the Avurudu holidays reaffirm that Paymaster has become the bulk payment platform of choice for many businesses and institutions,” Commercial Bank’s Chie Operating Officer S. Renganathan said. “It is the benchmark for reliable and speedy large-scale payments, minimising transaction time, costs and the risks associated with the physical handing of money,” he said.

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 is virtually instant.

Widely used by companies to pay employee salaries, commissions and numerous other payments to their suppliers and customers, PayMaster was upgraded in 2016 to offer a dual and multilevel authorisation module for bulk payments, a User Administration facility and a shared log-in feature for group accounts.

The new version also supports payment of interest and dividends, agent commissions, insurance claims, bulk utility payments and statutory payments to the Employees Trust Fund and the Employees Provident Fund. 

Comments