IC partners with Landbank for e-payments

The Insurance Commission (IC) has tapped state-run Land Bank of the Philippines as part of efforts to implement an electronic payment program for all transactions.

Insurance Commissioner Dennis Funa said the commission has entered into a memorandum of agreement with the government financial institution to utilize the Landbank LinkBizPortal.

Funa said the e-payment platform of Landbank would kick start the e-payment program of the commission.

“This online payment system project of the IC is aimed at making transactions faster, safer and convenient to those who are transacting with us. The e-payment system will further improve the ease of doing business and will eliminate long queues,” Funa said.

Landbank was selected as depository bank by the commission for this online payment system as an authorized government depository bank (AGDB).

Through the e-payment platform, clients of IC will be allowed to remit payment of fees as assessed by the commission through the web.

The platform is not limited to Landbank account holders and is also open to the public to pay for government transaction fees electronically using credit, debit, and any ATM cards issued by BancNet and through other accredited payment channels.

The online payment system allows individuals and entities to log in either through Landbank or IC’s website to enroll and pay transaction fees by following simple steps at their convenience.

“Compared to the traditional and over-the-counter payment process, transaction entered through the online payment system have distinct advantages, not only to our clients but to the government, as well,” Funa added.

The partnership also benefits the government in terms of the efficiency of the remittance of funds to the Bureau of Treasury, he said.

Landbank president and CEO Alex Buenaventura said the platform would provide agents, brokers, underwriters, and other clients of IC a convenient yet safe way to pay their fees.

At the initial stage, all payments to the IC may be made through the platform that will become available in Landbank’s website.

The e-payment facility will initially be implemented for customers who intend to take the insurance agent’s qualifying examination. In the future, this facility will be available to other transaction fees assessed and collected by the IC.

A minimal transaction fee ranging from P10 to P30 will be charged by Landbank.