LandBank, SSS ink deal for digital system
THE Land Bank of the Philippines (LandBank) announced it entered into an agreement with the Social Security System (SSS) “for a safer and more convenient disbursement and payment collection for SSS members, employers, pensioners and claimants.”
Under a Memorandum of Agreement (MOA), the SSS will be utilizing Landbank’s Bulk Credit System (LBCS) and the Link.BizPortal digital platforms to ensure the timely delivery of social assistance to local and overseas Filipino workers and their beneficiaries.
LandBank President and CEO Cecilia C. Borromeo and SSS President and CEO Michael G. Regino led the signing of the MOA last June 1.
“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,” Borromeo said. “Our combined efforts will ensure the delivery of convenient and uninterrupted service to SSS members nationwide.”
Through this partnership, Landbank will facilitate the electronic bulk disbursements of retirement funds, benefits, and investments to qualified SSS payees through the LBCS. This will be coursed via PESONet, InstaPay, or the LandBank Crediting Facility for the timely crediting of SSS pay-outs.
The SSS will also integrate their Electronic Collection Service to the Landbank Link.BizPortal for real-time posting of contributions including loans, PESO funds, and other fees from their members.
The Link.BizPortal is a web-based payment channel that allows clients to pay for products and services online to over 870 private and government partner merchants nationwide.
With this initiative, the SSS joins the roster of 550 national government agencies supported by the Link.BizPortal.
“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.”