Security Bank inks MOA with BIR

Security Bank Corp. (Security Bank) signed a memorandum of agreement recently with the Bureau of Internal Revenue (BIR) and the Bureau of Treasury (BTr) last week formalizing its participation in the Electronic Filing and Payments System (eFPS) for tax collections of the BIR.

Labeled eFPS RealTime and part of its DigiBanker suite of corporate cash management services, Security Bank’s new facility will allow large corporate taxpayers to course their tax payments to the BIR in a secure, direct, and convenient manner.

"With this new offering, we look forward to assisting both the BIR in streamlining and securing the flow of revenue collections, and Philippine corporations by providing them a safe and convenient means of effecting their tax payments," remarked Rafael F. Simpao Jr., president and chief executive officer of Security Bank.

eFPS RealTime is the latest among several e-services launched last year by Security Bank, which include Security DigiBanker, TeleBanker, and MobileBanker.

Security Bank first vice president and head of its cash management group said that over a hundred large corporations already use DigiBanker to manage their operating funds flow on a daily basis.

"All of them have to pay taxes as well, and with their operating funds already in the bank, this is a next logical step," Narciso added.

A unique feature of Security Bank’s eFPS RealTime is its workflow management system, which allows for filing of tax payments on the BIR’s eFPS at an earlier date while effecting payment on due date. The taxpayer can thus avoid the virtual "crowd" rushing to e-file on payment date.

Narciso claims that the eFPS RealTime automatically sends a notification to the corporations‚ authorizers via text message when tax payments need to be approved, and allows them to authorize on the Internet while away from the office, from anywhere in the world.