Security Bank Introduces the First Electronic Payment System of Custom Duties & Taxes in the Market

Security Bank Corporation (SBC) introduces another first in the market with the launch of PAS5 e-Payment facility under its multi-awarded Digibanker Cash Management Solutions. PAS5 e-Payment is a system designed to provide a standard framework where the Authorized Agent Banks (AABs) can process the payment of customs duties and taxes of clients, and electronically transmit reports of collection directly to the Bureau of Customs.

Security Bank is the first AAB to develop this innovative tool for importers and exporters which allows them to efficiently monitor custom duties and taxes payments while providing access to online authorization prior to final payment processing of the bank. Status reports are available to verify that every transaction is successfully processed and if not, indicate the reason for the unsuccessful posting.

?We constantly strive to customize our banking products and services to meet specific needs of our customers,? said Daniel U. Yu, Security Bank Senior Vice President – Chief Information Officer and Channels Distribution Group Head ?PAS5 has received overwhelming acceptance from the importers and exporters as the first electronic customs payment in the market. We are particularly pleased that PAS5 contributes in enhancing customs automation by contributing to its operational efficiencies, increased transparency in the assessment of duties and taxes, substantial reductions in Customs clearance times, and predictability. These improvements in operational efficiency, generates real value in terms of direct and indirect savings for both government and the trading community,? he added outlining the bank’s commitment to product innovation.

PAS5 e-Payment was officially launched in the market recent during an economic briefing hosted by Security Bank for its clients in Cebu and Davao, and members of their respective regional Chambers of Commerce were given a demonstration of its features and benefits.

Importers and exporters can learn more about PAS5 e-Payment and request for a demonstration by calling SBC Product Development and Management Division at: (Makati) 02-8887380; (Davao) at 082-222-2142; and (Cebu) at 032-238-0781, email [email protected] or visit any of Security Bank’s 125 branches nationwide.