Ceylinco FastCash to be unveiled in global market

After a careful study of the money transfer business, the Chairman of Ceylinco Group Dr. Lalith Kotelawala led a think tank to develop an international money transfer product that will facilitate speedy and reliable money transfer mainly for the expatriate workers with a host of value added services attached to the product.

Ceylinco is now ready to unveil a revolutionary international money transfer product - "Ceylinco FastCash" to the global market.

Ceylinco FastCash is a fast and reliable money transfer system that would be launched in the Middle East from Ceylinco Express Remittance (Pte) Ltd, a company incorporated in Singapore within Ceylinco.

The remittance system is a web enabled, thin-client system using standard office pcs. The software was developed by NCS, and they used state-of-the-art technology to develop this system. The system has also built in manual controls for greater security and monitoring of transactions.

A dual user login control has been implemented for supervisory and teller level login to prevent unauthorised remote login via internet. The system has also built in features to monitor transactions for anti-money laundering (AML) purposes.

The system will be activated through a network of authorised agents who are licensed by the monetary authorities to send and receive funds. Seylan Bank will function as the settlement/custodian bank for the system. All the agents and the customers will be provided with technical training and back office support services from Singapore and the regional office in Dubai.

Ceylinco FastCash is not a mere money transfer system. It has been developed with a host of value added services. The key feature is the loyalty card given to all the customers. The loyalty card known as the "WishCard" will have a unique number that will be the customer identification number in the system. Once a customer is registered, the data base will carry the sender's information.

The remitting agent will be able to turnaround customers much faster with this system due to the minimum information that needs to be keyed in.