Colombo: ICICI Bank Limited (“ICICI Bank”), India's largest private sector bank this week, announced the launch of Money2SriLanka (M2SL), an online cross-border money transfer facility in partnership with Sampath Bank PLC. ICICI Bank has a presence in Sri Lanka through its branch office in Colombo. M2SL is a web-based online remittance platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient, speedy and economical manner.
This service will be piloted in Canada and the United Kingdom and will shortly be rolled out in Australia, USA, South East Asia and the Euro Zone in the second phase.
ICICI Bank spokesperson said, “ICICI Bank remains committed to extend its expertise in the cross border payments business and the online tracking service for money transfers is the first step towards creating a remittance platform for Sri Lanka.” The remittance received through M2SL is available for account holders of ICICI Bank Sri Lanka and Sampath Bank instantly on the day of receipt of funds in Sri Lanka, while the remittances received on behalf of account holders of other banks in Sri Lanka will be disbursed via Sri Lanka Interbank Payment system (SLIPS) with the same day value, subject to cut off timings for processing of the payments. One of the important features of this facility is the availability of an online tracking system to trace the status of a transaction from the point of initiation up to the point of payment to the beneficiary.
ICICI Bank has been one of the leading players in the Indian remittance market and its proprietary online portal, Money2India.com has proven to be a breakthrough in mobilizing remittances into the Indian market. The Money2India.com product goes beyond the traditional offerings in the banking sector by saving significant costs associated with traditional money transfer methods.
The service is currently trusted by thousands of Non Resident Indian users for making their money transfers from any bank in 15 geographies to any account with over 100 banks in India. For the first time the same robust platform that has been tested for over a decade is being offered outside of India and extended to Sri Lanka.