MANILA - UnionBank and the state-run pensions fund Social Security System signed a memorandum of agreement to offer an upgraded UMID card beginning the fourth quarter, the bank said Thursday.
The deal formalized their partnership which seeks to launch the Unified Multi-Purpose Identification (UMID) Pay Card, UnionBank said in a statement.
The new card will give members new benefits such as having a government ID and a UnionBank debit card in one, it added.
Using the new card, members can receive their loan and benefit claims, as well as refunds directly.
UnionBank said the new UMID card could also be used for basic banking services. It can also be accessed via the UnionBank Online App, it added.
“This is a milestone for SSS, and hopefully with this one, we'll be able to ensure that the ordinary SSS member could now become a bankable person through the getting of his UMID card," SSS President and CEO Michael Regino
The partnership could "significantly" improve transactions and would result in timely payment of benefit claims and loan proceeds, said SSS Senior Vice President of Member Services and Support Group Normita Doctor.
"We are truly humbled and honored with this opportunity to be the first bank to be selected to work on this program with the SSS. This is a fulfilling journey for us as we do our part to ensure the Filipino employees enjoy their benefits in a meaningful way," UnionBank President and CEO Edwin Bautista said.
UnionBank and the SSS said this program aimed to boost financial inclusivity in the country by providing services to the underserved and unbanked.