ICICI Bank, India's largest private sector bank, has tied up with Sri Lanka's Sampath Bank to launch an online cross-border money transfer facility.
The 'Money2SriLanka' facility ('M2SL') is a web-based online remittance platform which facilitates the sending of remittances from abroad to beneficiaries in Sri Lanka, a statement said.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.
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.Remittances received on behalf of account holders of other banks in Sri Lanka will be disbursed via Sri Lanka Interbank Payment system 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," the statement said.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, it said.
"The Money2India.com product goes beyond the traditional offerings in the banking sector by saving significant costs associated with traditional money transfer methods."
Image: Sampath Bank ties up with ICICI Bank oo an online cross-border money transfer facility to Sri Lanka (Image Courtesy: www.news360.lk)
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