Commercial Bank launches new enhanced version of PayMaster

Commercial Bank has announced the launch of a new version of PayMaster, the Bank’s sophisticated bulk payments platform for corporate customers, offering enhanced functionality and controls and a new level of security.

Widely used by companies to pay employee salaries, commissions and numerous other payments  to their suppliers and customers, PayMaster now offers a dual and multilevel authorisation module for bulk payments, a User Administration facility and a shared log-in feature for group accounts, the Bank said.

The new version also adopts all key enhancements on security, controls and functionality that were recently introduced to the Corporate Banking module of Commercial Bank’s Online Banking facility.

“At Commercial Bank, we are constantly looking to offer the latest upgrades in technology to our customers,” said Mr S Renganathan,Commercial Bank’s Chief Operating Officer. “PayMaster is an extremely popular product for bulk payments and has been evolving as innovative new features are added. The new version adds to its versatility.”

PayMaster enables organisations or individuals to make virtually any type of payment to multiple beneficiaries by simply uploading a file to Commercial Bank’s online platform. There are no limits to the number of transactions and if the paying party and beneficiary both have accounts at Commercial Bank, the transfer of funds would be virtually instant. Other benefits of the application include the minimisation of transaction time, costs and risks associated with the physical handing of money.

Mr Renganathan said the enhancements embedded in the new version will support all types of payments possible via PayMaster, including staff salaries and bonuses, supplier payments, interest and dividend payments, agent commissions, insurance claims, bulk utility payments, statutory payments to ETF and EPF.

Commercial Bank operates a network of 251 branches and 630 ATMs in Sri Lanka, the largest electronic cash dispensing facility owned by a single bank in the country. Commercial Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years. The Bank has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets and Myanmar, where it has a Representative Office in Yangon. The Bank will open a fully-fledged Tier I Bank in the Republic of Maldives in 2016. The Bank also recently received a license to operate a fully owned Money Transfer Operation in Italy.