Monday, September 25, 2023

SEC Expands Online Payment Options with LANDBANK


SEC Expands Online Payment Options with LANDBANK

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The Securities and Exchange Commission (SEC) is further expanding the payment options of the transacting public through an enhanced partnership with the Land Bank of the Philippines (LANDBANK). The Commission on November 28 signed an amended Memorandum of Agreement (MOA) with LANDBANK to allow for payments for SEC-related transactions through LANDBANK’s Online Collection (OnColl) facility. Previously, the transacting public could pay SEC-related transaction fees only in selected branches. With the Commission’s enrollment in the LANDBANK OnColl facility, payments for transactions with the Commission may now be made in all 609 LANDBANK branches nationwide.

Around 2,000 transactions with the SEC are processed through the LANDBANK OnColl facility every month. These include applications for company registration, verification and reservation of corporate names, and other transactions, where Payment Assessment Forms are issued.

“Through this MOA, the Online Collection Facility will help ease our effort in transitioning from over the counter transactions to online payments. This will significantly reduce the tiresome process of manually reviewing the deposits slips from the generated collections,” SEC Commissioner Mcjill Bryant T. Fernandez said during the signing ceremony.

“Additionally, it will provide real-time and accurate reporting and monitoring made through online collections that will further strengthen our mandate towards transparency, accountability and good governance.” Aside from the OnColl facility, the SEC and LANDBANK are looking at upgrading current processes, such as the use of latter’s web-based payment channel Link.BizPortal, to improve digital and contactless payment options.

“LANDBANK fully supports the digitalization journey of the SEC to respond to the evolving needs of its customers. Our renewed partnership furthers the ease of doing business with the Commission through the delivery of convenient services,” said LANDBANK President and CEO Cecilia C. Borromeo.

The public may also pay for their registration and other transaction fees, as well as penalties, online through the Electronic System for Payments to SEC at