The Social Security System and the Rizal Commercial Banking Corporation recently signed an agreement that will make every SSS member become part of the financial system, through the UMID pay cards.
The memorandum of agreement signed by SSS president and chief executive officer Michael Regino and RCBC president and CEO Eugene Acevedo will authorize the bank to issue UMID pay cards to SSS members, starting 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 said in a press statement.
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 a member’s chosen bank account.
The UMID pay card bank account will not require starting and maintaining balance and will be the default disbursement account where the proceeds of their SSS benefits or loan will be readily credited, Regino said.
“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, as well as all workers in the informal economy,” he added.
He noted that 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 the RCBC branches, ATMs, and its online banking facility,” Regino said.
Confidentiality, non-disclosure, and data sharing agreements were also signed to protect the biometric data and personal information of SSS members to be used in producing the UMID pay cards. ||
