Friday, May 24, 2024

SEC to shift all payments online, will close on-site channel next year

The Securities and Exchange Commission (SEC) said it is moving its payment channels online and off-site by Feb. 1, 2023 as it continues to implement a zero face-to-face transaction policy.

In a notice, the commission announced that all payments will be accepted only through the Electronic System for Payments to the SEC (eSPAYSEC), or at any branch of the Land Bank of the Philippines nationwide.

Accordingly, the cashier’s office located at the SEC headquarters in Makati City and at all SEC extension offices will be closed by then. The will only accept over-the-counter transactions until Jan. 31 next year.

The shift to online payments is in line with the zero-contact policy and automation of business-related transactions mandated by Republic Act 11032, or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

“The shift to online and offsite payments furthers our unwavering commitment to ensuring the transparent and efficient management of our funds, as transaction fees and any other amounts that we collect will directly be deposited to and immediately be reflected on the Commission’s accounts,” SEC chairperson Emilio Aquino said in a statement Wednesday, Dec. 21.

“This also complements the transacting public’s pivot to cashless transactions, and the national government’s push for the digital transformation of public services to improve ease of doing business in the Philippines, as in the case of the SEC,” he said.

Launched on March 1, 2021, the eSPAYSEC is a Web-based system that allows for the payment of fees and penalties to the commission online using debit and credit cards, digital wallets and other cashless payment options.

To proceed, clients only need to enter the reference number provided in the payment assessment form issued by the SEC, select a payment option, then provide the required information.

Once the payment goes through, the system will generate an electronic official receipt, which clients will also receive through email.

The public may pay through the eSPAYSEC using debit and credit cards powered by Visa, Mastercard and JCB, as well as digital wallets GCash and Maya, for a minimal convenience fee.

The SEC also recently signed a deal with Landbank that will allow payments for SEC-related transactions to be made through its online collection facility in all 609 branches nationwide.

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