The biggest testimony to the credentials of DFCC Bank as the industry leader in pioneering FinTech solutions in the banking and financial solutions industry is that Central Bank of Sri Lanka has recently signed an agreement with DFCC Bank to facilitate online EPF payments through the iConnect Payments and Cash Management Portal of DFCC.
DFCC iConnect delivers cost savings, optimizes working capital, and enables liquidity viewing in real time, giving unimaginable flexibility to iConnect customers in their financing needs. The EPF System of DFCC iConnect is an independent and easy-to-use system. All a DFCC iConnect customer needs to do is log in to DFCC iConnect and upload a file with the details of the EPF, which is immediately validated by the EPF Department.
The customer’s account with DFCC Bank will be debited upon successful validation and funds will be sent to the department account of EPF. DFCC iConnect positions DFCC as a bank providing all types of businesses with the best-in-class transaction banking products and specialized services.
The EPF module of DFCC iConnect has many advantages, such as increasing market recognition as one of the few banks to provide a fully automated online platform for corporate customers to make EPF payments directly to the EPF department. The Bank expects to derive benefits such as an increase in CASA balances as corporate customers route their wage payments through DFCC Bank and increase new bank accounts, both personal and corporate.
DFCC iConnect includes, in addition to the EPF module, a fully integrated Financial Supply Chain Management (FSCM) system, Virtual Accounts (VA) and a state-of-the-art mobile application with biometric (Fingerprint Recognition) payment authorization capabilities.