The government pension fund, the Government Services Insurance System (GSIS), announced it has signed an agreement with money transfer firm Universal Storefront Services Corp. (USSC) when accepting loan payments from GSIS borrowers.
This brings the total number of GSIS-accredited external payment sites to 6,800, including 6,000 branches of CIS Bayad Center Inc. (Bayad) and Michel J. Lhuillier Financial Services (Pawnshops) Inc. (M. Lhuillier), two other translation firms previously authorized by GSIS to accept loan payments from its members.
Like Bayad and M. Luillier, USSC will soon receive advance payments on GSIS loans, as well as those that are underpaid, overdue, unpaid or already in default (not repaid for more than six months).
“This will encourage our borrowers in arrears to conveniently update their accounts. It is also one way to further improve our loan collection efficiency,” GSIS President and CEO José Arnulfo A. Veloso was quoted as saying in a statement released by his office last Thursday. As of April 24, GSIS has raised more than 346 million pesos in 33,224 transactions through Bayad and M. Lhuillier, according to Veloso.
The official added that GSIS is already in talks with Paragua Pawnshop and Financial Services Inc. (Palawan pawnshop) and SM Corp. bring the total number of accredited external payment systems to more than 10,000 outlets.
GSIS borrowers can pay at nearby USSC offices and fill out a form with their last name, business partner (BP) number, type of loan, and payment amount, he said.
The confirmed USSC form will serve as proof of payment. GSIS loan borrowers who pay through any of the USSC payment sites will receive a transaction receipt confirming receipt of their payment and a text message stating that their payment has been posted.
They can also verify their payments through their GSIS Touch mobile app account.
“A key factor that USSC strives for is affordability to serve our customers with efficient technology, leveraging this with the strength of our distribution network to provide customers and beneficiaries with an efficient, hassle-free and pain-free service,” USSC CFO. and administrative officer Carlos M. Borromeo was quoted in the statement. “We hope to extend the same service to GSIS.”