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Manila Bulletin devider Business devider SSS, RCBC ink accord for UMID card pay

SSS, RCBC ink accord for UMID card pay

Published Nov 7, 2022 02:40 pm

State-run Social Security System (SSS) and Rizal Commercial Banking Corp. (RCBC) inked an agreement allowing the the Yuchengco-led lender to issue Unified Multi-Purpose ID (UMID) pay cards to the pension fund’s members.

SSS President and Chief Executive Officer Michael G. Regino and RCBC President and Chief Executive Officer Eugene S. Acevedo recently signed a memorandum of agreement (MOA) to make every SSS member become part of the financial system,

Regino said RCBC will start issuing UMID Pay Cards to SSS members in the first quarter of 2023.

“SSS and RCBC are already in the process of systems integration, and we are looking forward to rolling it out early next year,” Regino said.

Aside from being a valid government-issued ID, the UMID Pay Card will also serve as an ATM card since it will be linked to the member’s chosen Bank account, such as RCBC savings account.

The UMID Pay Card Bank account will have no required starting and maintaining balance and will be the default disbursement account where the proceeds of their SSS benefits, loan, will be readily credited.

"We are looking forward to a meaningful partnership with RCBC as SSS moves toward the financial inclusion of our members, especially those from the agricultural and fishing sector of our society as well as all workers in the informal economy,” Regino said.

“We are hoping that with this union which are only IDs will already have their UMID Pay Cards,” he added.

Generally, most Filipinos do not have a bank account because they lack identification requirements such as a valid ID or enough money to open a bank account.

With the UMID Pay Cards, SSS members can use this to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through RCBC branches, ATMs, and its online banking facility.

Aside from the MOA, SSS and RCBC officials also signed the Confidentiality and Non-Disclosure Agreement and Data Sharing Agreements to protect the biometric data and personal information of SSS members to be used in producing the UMID Pay Cards.

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