LANDBANK, SSS sign agreement on streamlined disbursements for members
LAND BANK of the Philippines (LANDBANK) and the Social Security System (SSS) have signed a memorandum of agreement for streamlined disbursements to SSS members and claimants.
LANDBANK said in a statement on Monday that under the agreement, the SSS will use LANDBANK’s Bulk Credit System (LBCS) and the Link.BizPortal platform to “ensure a timely delivery of social assistance to local and overseas Filipino workers and their beneficiaries.”
“Our collaboration today is timely and relevant as we continue to leverage on technology to meet the growing demand for digital payments and financial solutions,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said. “Our combined efforts will ensure the delivery of convenient and uninterrupted service to SSS members nationwide.”
“This partnership forms part of LANDBANK’s expanded mandate of serving the nation, which includes the promotion and adoption of digital payments for the advancement of financial inclusion in the country,” the bank said.
Through this partnership with SSS, the state-run lender will facilitate the electronic disbursements of retirement funds, benefits, and investments to qualified SSS payees through the LBCS. This will be done through PESONet, InstaPay, or the LANDBANK Crediting Facility for the crediting of SSS payouts.
The SSS will also integrate their Electronic Collection Service with LANDBANK’s Link.BizPortal payment system for real-time posting of contributions, loans and other fees.
Link.BizPortal is a digital payment platform that allows clients to pay over 870 government and private partner merchants nationwide online.
LANDBANK earlier reduced Link.BizPortal’s transaction fees for customers making payments through the platform to P7 from P15.
For the first quarter, the bank’s income reached P13.2 billion, 141% higher than the P5.48 billion a year prior. This translates to a return on equity of 14.27%.
Its first-quarter performance was attributed to higher interest income from loans and investments, as well as one-time gains from its merger with the United Coconut Planters Bank. — T.J. Tomas
