SSS says pay card to ease transactions

The Social Security System on Monday welcomed the Rizal Commercial Banking Corporation as its newest partner in producing UMID Pay Cards.

The state insurer made the announcement after SSS president and chief executive officer Michael Regino and RCBC president and CEO Eugene Acevedo signed a memorandum of agreement that will authorize the bank to issue UMID Pay Cards to SSS members.

According to Regino, 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," Regino added.

UMID pay card to serve as ATM card

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 the 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 readily credited.

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.

"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," Regino added.