HNB PAYFAST – A UNIQUE PAYMENT SOLUTION FOR EMPLOYERS
The Hatton National Bank PLC, the leading commercial bank in Sri Lanka, has yet again revolutionized the financial services market by launching a simplified, convenient, and cost effective payment solution for business entities. Following are the excerpts of an interview held with Assistant General Manager – Personal Financial Services, HNB, R.M.P. Dayawansa and Brand Manager, HNB Privilege Rohan Perera on this new payment solution known as HNB PAYFAST:
Q: What is HNB PAYFAST?
It is an internet based solution enabling employers to pay salaries and settle suppliers and service providers regardless of beneficiaries maintaining their accounts at any licensed commercial bank of their choice operating in Sri Lanka. Since this payment method is using the SLIPS (Sri Lanka Interbank Payment System) platform even banks such as Sanasa Development Bank, Regional Development Bank and National Savings Bank are included. To use HNB PAYFAST you don’t need to install any software. All you have to do is obtain a PAYFAST application from any HNB customer centre or download same from www.hnb.lk. Fill it up and submit it to the HNB customer centre where you maintain your account. On receipt of your user ID and Password you can log on to https://payfast.hnb.lk and carryout your transactions.
Q: How would I benefit using the HNB PAYFAST as an employer?
Well, HNB PAYFAST is a solution for employers, where they have employees and related payments to be settled on a regular basis. In terms of the employees, the salaries and other emoluments can be paid via HNB PAYFAST by simply uploading the payroll file into the system. The employer or his representatives need not visit the bank to do this anymore. Apart from paying salaries, the EPF and ETF payments can also be initiated in addition to supplier settlement, insurance premium, interest and dividend payments, etc to be made in Sri Lankan Rupees.
Q: Is there an entry / eligibility criteria to use HNB PAYFAST?
No, any small, medium or large organisation can use the HNB PAYFAST. It is open even to individuals, sole proprietors, etc to carryout transactions.
Q: If the employer is currently banking with a competitor, is it necessary to shift all accounts to HNB to use HNB PAYFAST?
No, the respective employer can also open an account at HNB and enjoy the benefits of the HNB PAYFAST rather than transferring all his accounts initially. The customer can open a Savings or Current Account to obtain HNB PAYFAST facility.
Q: What are the other conveniences for a customer using PAYFAST?
Before the bank launched the PAYFAST solution employers used to email or send us a long list of names and the amounts to be credited saved on a floppy disk or on paper.
With the new system, you need not have either a floppy disc or actual paper involved. It is a matter of uploading your file to a link we give and the within a few minutes the transfers are completed. Since the system is developed, marketed and supported by HNB, absolute confidentiality is maintained with all transactions. We believe the employees and the other beneficiaries will start enjoying the other products and services we offer particularly the Capital Savings and the Privilege Current Accounts, our latest products.
Q: Can you explain the benefits offered for Capital Saving Accounts?
This is a new type of a savings account HNB came out with offering a high interest to the account holder. At the moment we offer an interest rate of 5.5% per annum for an account balance over Rs.100,000/- and an interest rate of 6.5% per annum for account balances over Rs.500,000/-.
Q: Can you explain the benefits offered for Privilege Current Accounts?
The Privilege current accounts are for the executives who draw a sal-
HNB PAYFAST is a solution for employers, where they have employees and related payments to be settled on a regular basis. In terms of the employees, the salaries and other emoluments can be paid via HNB PAYFAST by simply uploading the payroll file into the system. The employer or his representatives need not visit the bank to do this anymore. Apart from paying salaries, the EPF and ETF payments can also be initiated in addition to supplier settlement, insurance premium, interest and dividend payments, etc to be made in Sri Lankan Rupees
ary over Rs.50,000/- in addition to other allowances and incentives. A Privilege current account can be opened by making an initial deposit at any HNB customer centre and routing the salary to reach it on a monthly basis. Among the wide range of benefits offered, you get the first two cheque books free of charge, free standing order instructions, discounts as well as a credit card with special loyalty schemes attached to it, in addition to mobile and internet banking facilities.