THE SECURITIES and Exchange Commission (SEC) has expanded its partnership with state-run Land Bank of the Philippines (LANDBANK) to provide more payment options for the transacting public.
In a press release on Tuesday, the regulator said that it signed on Nov. 28 a memorandum of agreement with LANDBANK, which will allow payments for SEC-related transactions through the bank’s Online Collection (OnColl) facility.
“This will significantly reduce the tiresome process of manually reviewing the deposit slips from the generated collections,” SEC Commissioner Mcjill Bryant T. Fernandez said.
Mr. Fernandez added that the collaboration will allow real-time and accurate reporting and monitoring of online collections, strengthening transparency, accountability and good governance.
The initial partnership only covered payments for SEC-related transactions in selected LANDBANK branches.
“With the commission’s enrollment in the LANDBANK OnColl facility, payments for transactions with the commission may now be made in all 609 LANDBANK branches nationwide,” the SEC said.
The two agencies are also working on upgrading current processes such as the use of LANDBANk’s web-based payment channel link to improve digital and contactless payment options for SEC-related transactions. — Justine Irish DP. Tabile