SSS, RCBC promote financial inclusion among members through UMID Pay Cards
SSS President and Chief Executive Officer Michael G. Regino (third from left) and RCBC President and CEO Eugene S. Acevedo (fourth from left) led the signing ceremonies of the Memorandum of Agreement that will authorize RCBC to issue UMID Pay Cards to SSS members. Also present were SSS Identity Management Department Head Jose Antonio L. Salazar (left), SSS Senior Vice President for Member Services and Support Group Normita M. Doctor (second from left), RCBC Executive Vice President and Chief Innovation and Inclusion Officer Angelito M. Villanueva (third from right), RCBC Vice President for Go-to-Market and Scale Division Digital Enterprise and Innovations Group Robert Alexander O. Campos (second from right), and RCBC Senior Manager for Customer Activations and Strategic Partnerships Department Kirsten B. Nagrampa (right). (Photo courtesy of SSS)
The Social Security System and the Rizal Commercial Banking Corporation recently signed a pact that will make every SSS member become part of the financial system through the UMID Pay Cards at the SSS Main Office in Quezon City.
SSS President and Chief Executive Officer Michael G. Regino and RCBC President and Chief Executive Officer Eugene S. Acevedo led the signing ceremonies of the Memorandum of Agreement that will authorize RCBC to issue UMID Pay Cards to SSS members.
SSS welcomed RCBC, one of the country's leading universal banks, as its newest partner in producing UMID Pay Cards. Regino said that RCBC will start issuing UMID Pay Cards to SSS members in the first quarter of 2023.
"SSS and RCBC are already in the process of systems integration, and we are looking forward to rolling it out early next year," he added.
Aside from being a valid government-issued ID, the UMID Pay Card will also serve as an ATM card since it will be linked to the member's chosen bank account, such as an RCBC savings account. The UMID Pay Card Bank account will have no required starting and maintaining balance and will be the default disbursement account where the proceeds of their SSS benefits and loan will be credited.
"We are looking forward to a meaningful partnership with RCBC as SSS moves toward the financial inclusion of our members, especially those from the agricultural and fishing sector of our society as well as all workers in the informal economy," the SSS chief added.
Generally, most Filipinos do not have a bank account because they lack identification requirements such as a valid ID or enough money to open a bank account.
With the UMID Pay Cards, SSS members can use this to check their balance, withdraw cash, transfer funds, pay bills, or deposit cash through RCBC branches, ATMs, and its online banking facility.
Aside from the MOA, SSS and RCBC officials also signed the Confidentiality and Non-Disclosure Agreement and Data Sharing Agreements to protect the biometric data and personal information of SSS members to be used in producing the UMID Pay Cards.
Also present during the MOA signing were SSS Identity Management Department Head Jose Antonio L. Salazar, SSS Senior Vice President for Member Services and Support Group Normita M. Doctor, RCBC Executive Vice President and Chief Innovation and Inclusion Officer Angelito M. Villanueva, RCBC Vice President for Go-to-Market and Scale Division Digital Enterprise and Innovations Group Robert Alexander O. Campos, and RCBC Senior Manager for Customer Activations and Strategic Partnerships Department Kirsten B. Nagrampa.