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Modernized payment system enables direct transfer of Government payments and allowances www.montsame.mn
Ulaanbaatar /MONTSAME/. Bank of Mongolia in cooperation with the Asian Development Bank has implemented a low-value payment system modernization project, which allows the monthly Child Money benefits to be paid directly through an automatic bank transfer by the State Fund, in lieu of the Bank of Mongolia.
The approved resolution states that child money benefits will be transferred to eligible children’s registered bank accounts in commercial banks within 20th of every month once the funding has been made, on the basis of the list of names of eligible children submitted by corresponding social insurance public organizations and requests for child benefit payment.
In addition, other types of government allowance, benefits, incentives and payments and salaries, such as tax refund, tax refund lottery prize money, will be transferred through the State Fund accounts.
Published Date:2019-10-03
