MANILA, PHILIPPINES, 25 October 2002 - Security Bank Corporation (PSE:SECB) customer Philam Plans, Inc., a leading pre-need company wholly owned by The Philippine American Life and General Insurance Company (Philamlife) and a member company of the American International Group, Inc. (AIG) is the first company to sign up for Security Bank’s eFPS RealTime facility.
“Being happy and long time users of DigiBanker, we were ecstatic when Security Bank came up with eFPS RealTime”, says Pinky Bustamante, Philam Plan’s First Vice President for Finance. “I find it very advantageous to us that payments are effected in real time which allows us to maximize our float on our placements. Plus, as an authorizer, I find it very convenient that I get to approve on my own PC,” she explains.
According to Adoriz Andula, Philam Plans’ Financial Accounting Supervisor, what she finds unique with the system is the workflow. Unlike other banks’ systems, eFPS RealTime allows e-filing and payment instruction issuance days in advance, while actual payment can be done on due date without having to queue up at the BIR website, while everyone else is falling in line. “This way we no longer have to stay late in the office just to wait for our payment to be effected during the tax due dates. eFPS RealTime allows us to do our jobs faster and more efficiently!“
“We especially like the workflow also because of the continuity,” echoes Corky Blanco, Philam Plans’ Senior Assistant Vice President for Controllership. “The system actually shows us a trail of who initiated the transaction, who verified it and who authorized the payment. It’s also quite efficient and has a very fast response time - so far, we have not experienced any downtime. To add to that, the customer service is very good, and the team handling our account has been very accommodating and diligent with their follow ups. We would readily recommend eFPS RealTime to other companies because so far we’ve been very happy users.”
Philam Plans is the first of sixteen companies to sign up for eFPS RealTime within a month of its launching last October 8, 2002.