RHB, SOCSO SIGN MOU
Lender appointed to manage government agency’s contribution payments and collection via Financial Process Exchange platform
RHB Bank Bhd has signed a memorandum of understanding (MoU) with the Social Security Organisation (Socso) for online payment and collection through Financial Process Exchange (FPX) in conjunction with the three-day Kedah Financial Carnival, which ended yesterday.
RHB Bank has been appointed to manage contribution payments, late payment contributions (FCLBs) and compounds through the Socso ASSIST (Automated Socso Integrated System) portal, said the bank in a statement yesterday.
Employers can access the payment facilities through FPX, as well as submit records of contributions using the portal without any additional charges.
All payments and collections accounts for Socso will be channelled via an RHB account.
“This collaboration is part of RHB’s digital transformation programme, which is aimed at accelerating digital banking solutions to drive greater economic efficiency, in line with Bank Negara Malaysia’s thrust towards digitisation.
“Through this platform, we are able to expand our reach to employers and provide them with innovative services,” said RHB Islamic Bank managing director Datuk Adissadikin Ali.
FPX, which is operated by Payments Network Malaysia (PayNet), facilitates real-time online payments and e-commerce purchases using funds drawn from customers’ savings accounts, current accounts and card accounts.
Bank Negara is PayNet’s largest shareholder, while 11 Malaysian financial institutions, including RHB Bank, are joint shareholders. Bernama