Commercial Bank adjudged ‘Most Productive Network’ in South Asia by MoneyGram

The Commercial Bank of Ceylon has been adjudged the Most Productive Network in South Asia in 2011 for MoneyGram, the global funds transfer company.

The award was presented at MoneyGram’s Regional Conference in Goa, India.

“This accolade is a tribute to the hard work of the Commercial Bank team, especially those who serve customers from branches and service points located all over Sri Lanka,” the Bank’s Chief Operating Officer Jegan Durairatnam said.

“It is particularly noteworthy because we are not the largest country in the South Asian region.”

He said a high percentage of Commercial Bank’s 217 branches and service points in Sri Lanka process MoneyGram remittances, making it one of the preferred networks for beneficiaries.

MoneyGram beneficiaries are guaranteed the full value of the remittance with no charges to them when they collect their cash from Commercial Bank branches.

In order to ensure a speedy pay out, the Bank has set up dedicated counters at some of its key locations popular for remittances, Durairatnam said.

The Commercial Bank signed up with MoneyGram in 2007 to further enhance the Bank’s market share in the remittance business and to expand its presence to other parts of the world, especially North America and Western Europe.

The benefit of collecting remittances through Commercial Bank is that funds can be collected even on holidays, at 29 Supermarket Banking Counters and 11 365 day banking centres.

The Bank offers remitters the ability to transfer funds quickly from 275,000 locations in 194 countries via MoneyGram and for payments in Sri Lanka to be collected at any of its 217 service points.

Recognised throughout the world as a leading money transfer company,

MoneyGram’s major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers.

In 2009 MoneyGram adjudged Commercial Bank as its Best Agent in South Asia for Corridor Collaboration.

Commercial Bank is the largest private bank in Sri Lanka, and the only Sri Lankan Bank listed in the world’s Top 1,000 Banks. It operates the country’s single largest network of 520 ATMs.

The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 14 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.