Improving the notification of payments to BSP payees through electronic mail

• Main Author: Quiaño, Maria Theresa R.
• Format: text
• Language: English
• Published: Animo Repository 2016
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/5282
• Institution: De La Salle University

Business leaders are vastly pressured to remain competitive, increase productivity and decrease costs by improving business processes through enhanced operational efficiency, increased product and service innovation, and improved customer service. The Bangko Sentral ng Pilipinas (BSP) uses the Checkless Payment System, a very unique payment process that no company or institution has yet in the Philippines. This payment system replaces the physical checks in effecting disbursements of the BSP which involves direct credit or transfer of funds to the payees bank accounts. The Disbursement Division of the Financial Accounting Department (FAD) issues printed Acknowledgement Advices (AA) as notice to payees employees, suppliers and creditors, upon crediting such payments to their bank accounts. The Bangko Sentral ng Pilipinas (BSP) uses the Checkless Payment System, a very unique payment process that no company or institution has yet in the Philippines. This payment system replaces the physical checks in effecting disbursements of the BSP which involves direct credit or transfer of funds to the payees bank accounts. The Disbursement Division of the Financial Accounting Department (FAD) issues printed Acknowledgement Advices (AA) as notice to payees employees, suppliers and creditors, upon crediting such payments to their bank accounts. Through this action research, the members of the Disbursement Division identified the need to improve the process on the notification of payments to BSP payees which was associated to various operations concerns of the Division. Few alternative ways were proposed such as notification of payments be made through the in-house application system BSP Employee Self Service or BESS, through creation of payee portal in the BSP website or through electronic mail (e-mail). In consideration of the existing capability of IT infrastructure of BSP and for security reasons, the notification of payments through e-mail was more supported, and eventually implemented.