ICICI Bank, Lanka's Sampath Bank launch fund transfer service

MUMBAI: India's largest private lender ICICI Bank has tied up with Colombo-based Sampath Bank PLC to launch an online cross-border money transfer facility between the two countries.

Money2SriLanka (M2SL) is a web-based online platform which facilitates the sending of remittances from various geographies to beneficiaries in Sri Lanka in a convenient and economical manner, ICICI Bank said.

"We remain committed to extend 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," an ICICI spokesperson said in a statement here.

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 and the remittances received on behalf of account holders of other banks in the island nation.

It will be then disbursed via Sri Lanka Interbank Payment System (SLIPS) with the same day value, subject to cut off timings for processing of the payments.

The service will be soon piloted in Canada and the UK and will shortly be rolled out in Australia, the US, South East Asia and the Euro Zone in the second phase.

Source: EconomicTimes