SSS: “SSS is offering UMID ATM Pay Cards that are linked to a regular savings account”
SSS – The Social Security System recently announced that Rizal Commercial Banking Corporation (RCBC) and Union Bank of the Philippines will issue Unified Multi-Purpose ID (UMID) ATM Pay Cards.
The state-run private sector workers’ pension fund announced that it has entered into agreement with RCBC and Union Bank for the issuance of UMID ATM Pay Cards.
SSS president and chief executive officer Michael G. Regino said in a statement that Union Bank regular savings accountholders can now link their UMID ATM Pay Cards and RCBC will also be ready to issue UMID ATM Pay Cards to SSS members by the first quarter of next year.
According to Regino, the UMID ATM Pay Card Program aims to promote “accurate and timely” payment of loans and benefits to rightful recipients.
“It is a step towards the national government, the SSS, and its partners’ shared goals of greater financial inclusion and payments digitalization,” Regino said in a statement.
Based on a report, SSS members can use the UMID ATM Pay Cards as their disbursement account for loans, benefits, and refunds, and can also access the participating banks’ available ATMs (automated teller machines) and online and mobile platforms.
Regino also said that the state-run private sector workers’ pension fund is currently offering UMID ATM Pay Cards that are linked to a regular savings account, with Union Bank as the first participating bank.
Union Bank has made ready an initial 1 million UMID ATM Cards for those who have not been issued the Unified Multi-Purpose ID cards.