COMBank launches web services for instant remittance solutions with Xpress Money

Tuesday, 6 March 2012 00:18 -     - {{hitsCtrl.values.hits}}

Commercial Bank of Ceylon has announced the launch of a new web service in association with Xpress Money to offer a faster and more efficient process of receiving remittances from overseas.

The bank said it has integrated its systems with those of Xpress Money – a global money transfer brand – to introduce a new dimension in speed, reliability and convenience to recipients of remittances in Sri Lanka.

Remittances made via Xpress Money can now be received instantly by beneficiaries, without incurring deductions of commissions or charges, from any of Commercial Bank’s 213 service points island-wide, some of which offer 365 day banking services.

“We have combined the easy accessibility of Commercial Bank’s service points with state-of-the-art simple, fast and secure systems of Xpress Money, to offer unparalleled convenience to beneficiaries of remittances,” said Sanath Bandaranayake, Deputy General Manager – Operations of Commercial Bank.

He added: “This is yet another example of how the Bank delivers enhanced value and services to its customers through strategic collaborations with global players.”

Bandaranayake noted that apart from the significant number of 365-day Banking Centers and the 24-hour Banking Centre operated by Commercial Bank in Katunayake, the Bank also maintains dedicated counters for remittances in selected branches for the benefit of beneficiaries.

Commenting on this tie-up, Arvind Mylar, Head of Xpress Money’s Business Development for South Asia, said: “As a brand, we want to be able to provide the best value to our Sri Lankan customers, whether they are the ones sending the money or receiving it; this tie-up with The Commercial Bank is a step in the same direction. We are committed to innovate with our service offerings so that more people can benefit from them in the future.”

This web service eliminates the time lapse between initiating the transaction from the remitter’s end and making money available for withdrawal in Sri Lanka. At the time of sending money, the sender receives a 16 digit Xpress Personal Identification Code (XPIN) which then needs to be shared with the beneficiary in Sri Lanka. As soon as the XPIN is given to the remitter, the payment can be collected by the beneficiary from any service point of Commercial Bank, the bank said.

Prior to the integration of systems of the two parties, transactions involving remittances were periodically uploaded to the Commercial Bank system by Xpress Money. Following the integration of systems, Commercial Bank can extract remittances directly from the Xpress Money system via web service, which is a secured method of communication over the internet, without any human intervention. Apart from benefits to beneficiaries, this integration also enables remitters to send money from any of 80,000 authorised locations of Xpress Money across the world on a real time basis.The only Sri Lankan Bank listed in the World’s Top 1,000 Banks, Commercial Bank operates Sri Lanka’s single largest ATM network of 500 terminals. The bank has been adjudged “Best Bank in Sri Lanka” for 13 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.