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Manila Bulletin devider Business devider SSS adapts new payment channels

SSS adapts new payment channels

Published Aug 24, 2020 03:09 pm

The Social Security System (SSS) has expanded its payment channels allowing pensioners and borrowers to receive their money either through electronic wallet or remittance center.

In a statement, Aurora C. Ignacio, SSS president and chief executive, said they have implemented an enhanced disbursement process for benefit and short-term loan following the pension fund’s partnership with the Development Bank of the Philippines (DBP).

With the partnership, SSS-qualified employers, members, and pensioners may now receive benefits and short-term loan proceeds through the Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks.

Qualified members and pensioners may now also receive SSS benefits through e-wallets such as PayMaya or cash pick-up arrangement via DBP Cash Padala Thru M Lhuillier, a Remittance Transfer Company/Cash Payout Outlet.

Ignacio said the enhanced disbursement process is initially implemented for Unemployment, Funeral, Sickness, and Maternity Benefits, and Salary, Calamity, and Emergency loans, however, the said short-term loans might only be disbursed thru PESONet participating banks.

But starting in October this year, monthly pensions will also be released through the new method.

"With our strengthened partnership with DBP on PESONet disbursements, we are hoping to expedite the releases of benefits and short-term loans. Upon its full implementation, eliminate disbursements via checks," Ignacio said.

The SSS urges qualified payees and member-borrowers to enroll their disbursement accounts through the Bank Enrollment Module (BEM) found under the E-services tab of their respective My.SSS accounts on the SSS website (www.sss.gov.ph).

Qualified payees and member-borrowers must select their preferred PESONet participating bank, e-wallet, or RTC/CPO and supply a valid and active bank account number, or mobile number for an e-wallet or RTC/CPO.

Bank account numbers must be entered as a continuous string of numbers, while mobile numbers must be in its 11-digit format that starts with 09.

Qualified payees and member-borrowers are reminded to ensure the correctness of their disbursement account information in the BEM before enrolling them. "We are continuously transforming our services into digital processes for our members and the public to transact with us without having to go to our branches. Aside from its convenience, this also serves as a safety measure given the current pandemic situation," Ignacio said.

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