Proving once more its agility to respond to a rapidly-changing world, Union Bank of the Philippines (UnionBank) successfully synchronized with the e-Collection System (e-CS) of the Social Security System (SSS), enabling real-time posting of contribution payments.
Through its upgraded enterprise architecture, UnionBank continues to accept contribution payments from SSS members. Under the e-Collection program, which the SSS started implementing recently, only the agencies’ partner banks that were able to recalibrate their systems can receive contribution payments, aside from SSS branch tellering facilities and non-bank collection partners.
Real-time posting of SSS contributions will pave the way for faster processing of claims and help members and their beneficiaries receive their benefits and loan proceeds on time.
SSS president and COO Emmanuel Dooc earlier said accurate and prompt recording of contribution payments is necessary since all SSS benefits and loans are based on contributions of members and their employers.
This latest breakthrough from UnionBank again proves that we constantly seek ways to innovate and improve our products and services to ensure that we offer nothing but the best to our clients.
–Edwin Bautista, President and CEO, UnionBank
“This is how we ‘Make Da Diff,’” Bautista said, referring to the bank’s mission of making the difference in the lives of the communities that it serves. “Our aim is to graduate from simply providing traditional cash management solutions to developing platforms that address specific pain points of communities.”
Since December 2017, all employers and individually-paying members including self-employed, non-working spouse, overseas Filipino workers and voluntary members, were required to create their personal accounts in the My.SSS portal at the SSS website.
The e-CS aims to support continuous process improvements at the SSS. According to Amado Valdez, Chairman of the Social Security Commission – the policy-making body of the pension fund that approved the policy amendments, system and procedural enhancements, and resource requirements for the implementation of the e-CS – the new system “will not only improve the turnaround time for processing of benefits, but will also provide a detailed, accurate and on-time data on our contribution collection efficiency.”