CARDS & PAYMENTS | Cesar Tordesillas, Indonesia

Mandiri seeks to benefit Indonesians through payment system

Best service to 110 million Indonesians.

This is how Bank Mandiri president director Zulkifli Zaini describes what its arrangement with Jamsostek will do.

Bank Mandiri agreed to exchange services with labor insurance firm Jamsostek, who will integrate its payment system with Bank Mandiri under the deal. All companies using Jamsostek’s services will be given access to Bank Mandiri’s National Pooling Facility, which collects premium payments under one system that can be monitored in real time by companies.

“If we can utilize this facility, hopefully we can give the best service to 110 million Indonesian workers who frequently face difficulties with the traditional banking system,” he said.

The deal also stipulates that Jamsostek can use Bank Mandiri’s cash management and custodian services.

“Bank Mandiri has a wide cooperation with Jamsostek. We are not only a depositor with Bank Mandiri, but also bondholder, shareholder and investor in [subsidiaries] Mandiri Manajemen Investasi and Mandiri Sekuritas,” Jamsostek president director Elvyn G. Massasya said.

As of October, Bank Mandiri’s custodian services currently manages US$18.91 billion in assets from 650 companies.

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