Sri Lanka’s NTB Bank & Remit2Home Money Transferring Service Cater to Sri Lankans in US & UK

29th February 2012, www.news360.lk

Sri Lanka’s Nations Trust Bank has tied up with Remit2Home, an Online Global Money Transferring service provider, in a bid to cater to the non resident Sri Lankans living in US and UK.

NTB says, the tie up will help the Sri Lankan community living in those two countries to transfer money online directly from their bank account abroad to beneficiaries here in the country.

An agreement with effect to the partnership was signed recently in Colombo between Nations Trust Bank and Times of Money, which owns Remit2Home.

“This partnership is another milestone in providing a convenient and fast remittance service through a globally recognized brand to anyone in Sri Lanka through the Nations Trust Banking network”, added Saliya Rajakaruna, CEO of the NTB.

“With its growing Diaspora, Sri Lanka has a huge remittance potential, which makes it a key focus market for us” said Avijit Nanda, President – TimesofMoney, expressing his views on the partnership.

A statement from NTB describes Times of Money service as the pioneers in e-payments and cross border remittances, serving over a million expatriates worldwide.

Sri Lanka during the year 2011, received over US$ 5 billion worth of worker remittances, a record figure in the Islands history.

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• Sampath Bank Launches M2SL Money2SriLanka Online Money Transfer Facility with ICICI Bank of India

Sampath Bank Launches M2SL Money2SriLanka Online Money Transfer Facility with ICICI Bank of India

11th May 2011, www.lankabusinessonline.com

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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