DFCC iConnect to facilitate employee EPF payments
28th May 2019 Colombo: The greatest testimonial to DFCC Bank’s credentials as the industry leader in pioneering FinTech solutions in the banking and financial solutions industry is in the fact that Central Bank of Sri Lanka recently signed an agreement with DFCC Bank to facilitate EPF payments online through DFCC’s iConnect Payments and Cash Management Portal. DFCC iConnect delivers cost savings, optimises working capital and enables real-time viewing of liquidity, giving iConnect customers unimaginable flexibility in their financing needs. DFCC iConnect’s EPF System is an independent system and simple to use. All that a DFCC iConnect customer needs to do is to login to DFCC iConnect and upload a file with the EPF details, which gets validated instantly with the EPF Department. On successful validation, the customer’s account with DFCC Bank will be debited and funds will be sent to EPF Department account. DFCC iConnect positions DFCC as a Bank that offers best-in-class transaction banking products and specialised services to all types of businesses.
Since the EPF module is one of many convenient features that DFCC iConnect offers, Corporate Customers need to obtain DFCC iConnect in order to utilize this service of making their EPF payments online. The portal was introduced by the Bank as an online system for Corporate Customers to perform their EPF Payments, facilitating their EPF Payments more efficiently, automating the process of making the EPF Payments. This platform provides DFCC iConnect customers with the ability to upload a file with the EPF payment details of their employees, which will validate the employee details with the EPF Department automatically. Once the validation is successful, the customer’s account held at DFCC Bank will get debited for the given EPF payment amount and funds will be sent directly to the EPF account maintained with the Bank. This process is fully automated, with no manual intervention required.
Other benefits to the customer include automated straight-through process of uploading EPF Payment details of employees and making the payment to the EPF Department directly through the online platform. Once the payment is successful, the customer is able to download the C Form from the online platform. The DFCC iConnect system saves time and cost incurred by the customer in the past and is a faster and convenient way of making EPF Payments of employees to the EPF Department.
DFCC iConnect’s EPF Module has many advantages such as increase in recognition in the market to be one of the few banks to provide a fully automated online platform enabling Corporate Customers to make EPF Payments to the EPF Department directly. The Bank expects to derive benefits such as an increase in CASA balances as Corporate Customers will be routing their salary payments through DFCC Bank and increase in new to bank accounts, both personal and corporate.
Besides the EPF module, DFCC iConnect includes a fully-integrated Financial Supply Chain Management (FSCM) System, Virtual Accounts (VA) and a state-of-the-art mobile application with biometric (Fingerprint recognition) capabilities for payment authorisation. The solution provides clients with a supply chain finance platform where their dealers and suppliers receive an end-to-end financing solution along with a Straight Through Processing (STP) mechanism for invoice settlement; the key benefits being that it enables channel financing while shortening time to market. Furthermore, customers can identify their payers automatically without issuing a reference code through Virtual Accounts; thereby they have full visibility of their day-to-day transactions. DFCC iConnect is capable of customizing solutions to suite specific requirements of corporate clients in order to provide a fully integrated transnational banking solution. DFCC Bank is leading the banking industry in pioneering FinTech solutions.