ICICI, Sampath Bank initiate Money2SriLanka
ICICI Bank Limited, India's largest private sector bank launched of
Money2SriLanka (M2SL), an online cross-border money transfer facility in
partnership with Sampath Bank PLC.
From left, Anoja Karunaratne (Chief
Risk and Compliance Officer), Tharaka Ranwala (Deputy
General Manager-Marketing and Business Development),
Aravinda Perera (Deputy Managing Director), Harris
Premaratne (Managing Director) from Sampath Bank with Vijay
Chandok (Group Executive - Head International Banking),
Sandeep Batra (Senior General Manager, Group Compliance
Officer and Company Secretary), Prem Kumar Thampi (Deputy
General Manager and Country Head, Sri Lanka) from ICICI
ICICI Bank has a presence in Sri Lanka through its branch office in
Colombo. M2SL is a web-based online remittance platform which
facilitates the sending of remittances from various geographies to
beneficiaries in Sri Lanka in a convenient, speedy and economical
The service will be piloted in Canada and the United Kingdom and
expanded to Australia, USA, South East Asia and the Euro Zone in the
An 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."
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, while the remittances received on behalf of
account holders of other banks in Sri Lanka will be disbursed via the
Sri Lanka Interbank Payment system (SLIPS) with the same day value,
subject to cut off timings for processing of payments.
An important feature of the 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.