Sampath Bank ‘flash remit’ introduces new, fast transactions across the globe

By Cheranka Mendis

Marking yet another revolution in the banking industry, Sampath Bank has introduced a quick and reliable money transfer system ‘Flash Remit’, to makes available transactions from around the world within 20 seconds in Sri Lanka.

Encouraging people to move away from the unorthodox foreign remittance exchange channels to regulated channels for efficient currency exchange, Sampath Bank has tied up with 12 partner exchange companies with web service around the world for faster and secure currency transactions between countries.

With plans to sign up with seven more such institutions in the near future, the bank is also working on building several delivery mechanisms, hoping to secure a substantial share in the remittance market within the industry soon.

Sampath Bank Deputy General Manager for Marketing and Business Development Tharaka Ranwala noted that the bank has tied up with BEC and Al Mulla Exchange (Kuwait), Al Ansari, Mawarid, Ahalia, UAE Exchange and U Remit (UAE), Ria and Sigue/CMT/Travelex (Worldwide, NEC (Italy), Al Fardan (Qatar), and ARY Speedremi (Middle East) within the last few months to offer ‘Flash Remit’ services to its customers.

The facility, only available with Sampath Bank enables local beneficiaries to withdraw money remitted through the above mentioned sources from 206 Sampath Bank branches and over 1600 ATMs linked island-wide through BOC, HNB, NDB, HDFC, DFCC Vardhana, NSB, Union Bank, and Pan Asia over and above the bank’s ATMs.

“There are two ways that local beneficiaries can access remittance sent from abroad,” Ranwala said.

“They can access these through unorthodox methods and through banks and other financial institutions. When done through the legal channels, the risks are lower and the money comes in secure.

However, there seems to have been a time-lag in the past between the time those abroad put in the money and when the transaction gets noted on the local servers.” Aiming to bridge this gap, Sampath Bank’s new service is an online system where money can be withdrawn in real time.

With a wide network of branches and ATMs under its radar, Ranwala noted that the account holders can access the monies through counter payouts or direct-to-account methods.

He encouraged more people to use the latter as it would enable more savings, wider access and SMS updates when money is deposited.

On the bank’s front, he asserted that regular monthly remittance transactions have increased by 20% due to regular staff training, raffles on remittance, improved website, and broadened connectivity.

Renowned for the latest technology they bring to the industry, the bank noted that the online transactions are well secured and are almost fool-proof from hacking.

“As far as our standards are concerned the application is almost fool-proof and is used by MoneyGram and Ria, world recognised money transfer agencies.”

The bank is currently focusing on developing new delivery mechanisms that will help the receiver in particular, he said.

“We want to convert all unorthodox transactions to proper channels in the banking sector. The more you increase the delivery systems, the more people will shift in the right direction,” Ranwala said.

Pic by Lasantha Kumara