ICICI Bank ties up with Sampath Bank for Money2SriLanka

Wednesday, 11 May 2011 00:00 - - {{hitsCtrl.values.hits}}

ICICI Bank Limited (ICICI Bank), India's largest private sector bank announced the launch of Money2SriLanka (M2SL), an online remittance tracking facility in collaboration 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 tracking platform which facilitates 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.”

To use this service, a user needs to complete a simple one-time online registration at M2SL and thereafter can avail the tracking service for money transfers from any bank in the geographies where M2SL is offered to beneficiaries in Sri Lanka.

The remittance received is available for account holders of ICICI Bank Sri Lanka and Sampath Bank instantly on the day of receipt of funds in Sri Lanka and 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. An important feature of this service is the availability of online tracking facility 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 is a popular service used by Non Resident Indians. With an ever-expanding base since its launch in 2001, it is the preferred online tracking service for money transfers to India with round the clock customer service availability. Now the same robust platform that has been tested for over a decade is being extended to Sri Lanka.